The Public Company Accounting Oversight Board will meet Thursday, Nov. 30, to consider adoption of its budget for the 2007 fiscal year.As outlined under the Sarbanes-Oxley Act, the board -- which sets its fiscal year according to the calendar -- must set a budget for the upcoming year no later than one month before the end of the current fiscal year. Once approved by the board, the budget will be submitted to the Securities and Exchange Commission for approval.
After subtracting registration fees collected from accounting firms in 2006, the budget forms the basis for the 2007 accounting support fees to be assessed on public companies.
The 2006 budget, of $128.4 million, projected that the board will assess $109.3 million in accounting support fees, as opposed to $136.1 million in fees the previous year.
The meeting is open to the public and will also be Web cast on the board’s site, at www.pcaob.org.
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