The Public Company Accounting Oversight Board (PCAOB) has approved its 2013 fiscal-year budget and its 2012-2016 strategic plan.
At $245.6m, the budget is 8% above the PACOB’s 2012 budget of $227.7m.
The PCAOB said the increase is primarily needed to cope with staffing and associated expenses caused by an increase in the number of international inspections and the implementation of a broker-dealer auditor inspection program.
The board also approved its strategic plan for 2012-2016, which will serve as the foundation for the 2013 budget, and to guide the PCAOB’s programs and operations.
The total accounting support fee for 2013 is $234m, with approximately $207.5m allocated to public companies and $26.5m to broker-dealers.
As of 13 November 2012, there were 2, 365 public accounting firms registered with the PCAOB, including 908 outside of the US.
The 2013 budget is subject to approval by the Securities and Exchange Commission.
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