The Public Company Accounting Oversight Board has approved a budget for calendar year 2008 that predicts the board will outlay approximately $144.6 million, compared to $136.4 million in 2007.
The majority of expenses will be associated with hiring and retaining experienced auditors to conduct inspections of 1,800 registered public accounting firms. Non-personnel expenses such as rent and utilities, information technology, travel and other administrative costs make up the remainder of the board’s budget. The PCAOB expects to grow to a total headcount of 507 employees by the end of 2008.
The PCAOB also published a performance review of its security policies and procedures. The review found that the PCAOB’s security practices were generally consistent with industry standards, but that the overall approach to security needed to be communicated better. Reviewers identified inconsistencies in the status and enforcement of written policies and procedures, and a lack of clarity of roles and responsibilities in some instances.
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