The US Public Company Accounting Oversight
Board (PCAOB) has increased its 2011 fiscal-year budget by 11% to
The $21.1 million increase in budget is
according to the PCAOB due to new oversight of broker-dealer
auditors, following passage of the Dodd-Frank Act.
“More than half of the projected 2011
headcount increase will be devoted to implementation of the
provisions of the Dodd-Frank Act that expand the Board’s
inspection, standard-setting, and enforcement authority to the
audits and auditors of Securities and Exchange
Commission-registered securities broker-dealers,” PCAOB acting
chairman Daniel Goelzer said.
The PCAOB has also approved its strategic plan
for 2010-2014 to serve as the foundation for the 2011 budget.
Golzer said approving a new blueprint for the
coming five years in tandem with the annual budget promotes a
better alignment between the plan and the budget and assists the
board to think strategically about what it needs to accomplish with
its available resources.
The 2011 budget is still subject to approval
by the SEC.