PCAOB Considers 2012 Budget, Strategic Plan
The Public Company Accounting Oversight Board held an Open Meeting on Wednesday, Nov. 30, at 9:30 a.m., to consider adoption of the PCAOB budget for the 2012 fiscal year and the related strategic plan.
Section 109(b) of the Sarbanes-Oxley Act of 2002 requires the PCAOB to establish a budget for each fiscal year no later than one month prior to the start of that fiscal year. The PCAOB fiscal year is the calendar year. If approved by the Board, the budget will be submitted to the Securities and Exchange Commission for approval, as required by Section 109(b) of the Sarbanes-Oxley Act.
The budget forms the foundation for the PCAOB 2012 accounting support fee assessments.
Additionally, the SEC’s rule on the PCAOB budget requires the PCAOB to maintain a strategic plan. If the budget and strategic plan are approved by the Board, the strategic plan will guide the Board’s use of resources funded by the 2012 budget.
The meeting was open to the public and took place in the PCAOB meeting room at 1666 K St. N.W., Washington, D.C. It is available in webcast via a link on the PCAOB website.