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January 11, 2012

SEC approves PCAOB’s budget

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.

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