The Public Company Accounting Oversight Board has approved a $157.6 million budget for calendar year 2009, a $13 million increase from the $144.6 million it approved for 2008.
The board, which inspects public accounting firms and disciplines misbehaving auditors, plans to increase its staff to deal with the effects of the economic crisis on companies and their auditors. "These are critical times for investors, public companies, and their auditors," said PCAOB Chairman Mark W. Olson in a statement. "It is therefore essential that the PCAOB continue to work in the interest of investors to advance its activities, while it remains a good steward of its resources."
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