The House of Representatives voted to pass a bill that would establish a whistleblower program for the Public Company Accounting Oversight Board (PCAOB) in order to expose fraudulent accounting.

The program, modelled after the program at the Securities and Exchange Commission, would protect accountants, auditors and others who report fraudulent accounting from retaliation, and — critically —  would provide them with rewards for information that leads to more than $250,000 of penalties being collected by the PCAOB. Specifically, the new program would make accounting whistleblowers eligible for up to 30% of the penalties that were collected.

Click here to read article.