The sequester budget cuts will definitely have an impact on the SEC’s operations, Securities and Exchange Commission Chairwoman Elisse Walter said yesterday.
The roughly 10 percent cut for the last half of the agency’s fiscal year will weaken the agency, slow down hiring and compromise the agency's technology, Walter told the Washington, D.C., chapter of the National Association of Corporate Directors
In other matters, Walter said the SEC is “progressing very well” in developing money market mutual fund rules
Looking at the 11 years since the Sarbanes-Oxley Act has been in effect, Walter said auditing standards haven’t improved enough.
“It is disappointing to see the auditing deficiencies that haven’t been corrected,” she said, adding that she would like to see the Public Company Accounting Oversight Board spend more attention to developing auditing performance standards.
On another issue, Walter said the SEC has not been bombarded by investors or corporations to have the agency adopt International financial reporting standards.
Walter called SEC consideration of requiring companies to disclose political contributions a backburner issue, noting the SEC has been busy with rule making on other matters.