Just a few days after receiving the Public Company Accounting Oversight Board’s proposed budget for 2007, the Securities and Exchange Commission unanimously approved the document, which includes a 4.2 percent increase in funds, setting next year’s outlays at $136.4 million.The board’s budget, less registration fees collected from accounting firms throughout 2006, form the basis for assessment of accounting support fees in 2007. The budget also includes a provision that the board will tap into an excess of its working capital reserve fund to reduce the overall accounting support fee by $10 million next year.
The 2007 budget projects that the board will assess $122.4 million in accounting support fees.
The majority of the board’s outlays will be for personnel expenses related to hiring auditors to conduct inspections of registered public accounting firms.
The SEC is due to meet again on Dec. 13 for PCAOB-related business, to issue a proposal for changes to Sarbanes-Oxley's internal control provisions.
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