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.
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The US Securities and Exchange Commission
The Public Company Accounting Oversight Board
