(Bloomberg) The U.S. regulator that oversees corporate audits could face automatic spending cuts designed to reduce the federal budget deficit even though it receives no taxpayer funding.
The Public Company Accounting Oversight Board’s plans for implementing the automatic cuts, mandated in the 2011 Budget Control Act, will probably be discussed today at a meeting of the Securities and Exchange Commission, which is scheduled to consider the PCAOB’s proposed $245 million budget. The automatic spending cuts, known as sequester, are scheduled to take effect next month unless delayed by lawmakers.
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