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February 13, 2013
SEC Approves 2013 PCAOB Budget
The SEC approved the 2013 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee as required by the Sarbanes-Oxley Act of 2002. The PCAOB budget totals $245.6 million and will be funded primarily by the collection of an accounting support fee totaling $234 million.
Highlights of the PCAOB’s Proposed 2013 Budget and Accounting Support Fee
A proposed 2013 budget of $245.6 million
A proposed 2013 accounting support fee totaling $234 million allocated as follows:
$207.5 million to be assessed on issuers
$26.5 million to be assessed on broker-dealers
The PCAOB’s 2013 budget represents an increase of approximately 8 percent over its 2012 budget of $227.7 million. The increase is primarily attributable to an increase in the PCAOB’s audit inspections program, including additional staff to:
Perform inspections of audits of SEC-registered broker-dealers (a class of audits overseen by the PCAOB as a result of the Dodd-Frank Act).
Perform international inspections.
Implement planned improvements to the PCAOB’s inspections program, including the reporting and processes for assessing quality control remediation efforts.
The 2013 budget will be funded mostly by the 2013 accounting support fee of $234 million, which is approximately 9 percent higher than the 2012 accounting support fee of $215 million.
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