SEC approves PCAOB's 2019 budget
The Securities and Exchange Commission gave its approval on Wednesday to the Public Company Accounting Oversight Board's 2019 budget and its annual accounting support fee.
The PCAOB's 2019 budget totals $273.7 million, with its accounting support fee at $262.9 million. $228.5 million of the accounting support fee will be assessed on public companies, while another $34.4 million will be assessed on broker-dealers.
“The PCAOB plays a key role in our capital markets through the oversight of the auditors of public companies and broker-dealers registered with the SEC,” said SEC Chairman Jay Clayton, in a statement. “We should all recognize that these important PCAOB responsibilities are a means to a fundamental end – reliable, consistent, and meaningful financial reporting and high audit quality. I am appreciative of the PCAOB’s continued commitment to use their resources effectively, for enhancing the quality of audit services and evaluating whether any changes are needed to its program and operations.”
The PCAOB’s 2019 budget is approximately 5 percent higher than its 2018 budget of $259.9 million. The 2019 accounting support fee is also approximately 12 percent higher than its 2018 total of $235.3 million.