Washington (Nov. 26, 2003) -- Reflecting planned investments in IT, enforcement actions and A near doubling of its inspection staff, the Public Company Accounting Oversight Board approved a budget of $103 million for the 2004 fiscal year --a 51-percent increase over its 2003 coffers of $68 million.
In 2004, the PCAOB said it plans to earmark $26 million for information technology, including the development of a Web-based system of annual reporting by registered firms. The oversight body also will allocate some $4.4 million to its IT workforce.
The technology investment will support its regional office in New York, as well as the board’s headquarters, here, and planned branches in Atlanta, Dallas-Fort Worth and San Francisco.
With plans to add roughly 100 new inspectors, the board’s 2004 budget includes $48 million for salaries and benefits. It also has dedicated just slightly over $8 million for travel expenses for board inspectors.
The budget will now be submitted to the Securities and Exchange Commission for approval.
-- WebCPA staff
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