• Register
Return to: Home > News > Regulation > SEC approves PCAOB budget and fee increase

SEC approves PCAOB budget and fee increase

The US Securities and Exchange Commission (SEC) has approved the US Public Company Accounting Oversight Board (PCAOB) request to increase its budget in 2013.

The PCAOB budget will now total $245.6m an 8% increase compared to the previous year ($227.7m).

The budget will be funded primarily by the collection of an accounting support fee assessed to issuers and broker-dealers of overseen financial statements and is expected to total $234m, which is about 9% higher than the 2012 fee of $215m.

"It is critical that the PCAOB has the resources it needs to get the job done," SEC chairman Elisse Walter said.

"This budget review and approval process allows the SEC to determine appropriate funding levels and ensure that funds collected from issuers and broker-dealers are used efficiently and effectively," she added.

However, the PCAOB budget could still face a potential $18m loss related to a sequestration act, which is due to take effect in March.

"I would expect that in the event that sequestration occurs and the PCAOB's 2013 budget is indeed affected, the PCAOB will work with the Commission and Commission staff as appropriate regarding implementation of sequestration," Walter said.

Related links

The US Securities and Exchange Commission

The Public Company Accounting Oversight Board

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more


    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.