The US Public Company Accounting Oversight
Board (PCAOB) was successful in defending its 2012 budget increase
before the Securities and Exchange Commission (SEC).

The PCAOB chairman James Doty was required to
defend the boards increased budget request, which was later put to
public vote and approved.

The PCAOB is to see its budget increase to
$227.7m in 2012, which is an 11% increase from its $204.4m budget
in 2011.

One of the reasons put forward for the
increase in budget was the up in the numbers of overseas audit
inspections the board is doing.