PCAOB to Consider Adoption of the 2011 Budget
The Public Company Accounting Oversight Board (PCAOB) will discuss the board’s budget for fiscal year 2011 and the related strategic plan in a scheduled open meeting on November 23 at 1666 K St. N.W., Washington, D.C.
PCAOB is mandated under Section 109 (b) of the Sarbanes-Oxley Act of 2002 to formulate a budget one month before the next fiscal year, in the case of PCAOB, the calendar year, and submit the same to the Securities and Exchange Commission for approval.
The 2011 budget is said to set PCAOB’s foundation in assessing the accounting support fee of the board. Under the amendment made by the Dodd-Frank Act to Sarbanes-Oxley Act, PCAOB now oversees the audits of brokers and dealers, and spares part of its accounting support fee for the broker-dealers and issuers. The accounting support fee of PCAOB next year will be the first to be allocated to the broker-dealers and issuers.
The Securities and Exchange Commission also mandates the PCAOB in its budget ruling to keep a strategic plan, which, if approved, will regulate the board’s resources allocation funded by the 2011 budget.
The meeting will be seen via Webcast in a link to be found in PCAOB’s website and on a podcast later in Tuesday.