US Audit Watchdog Spending Up by 11pc
The Securities and Exchange Commission has escalated the audit watchdog spending in US by 11 percent as it approved the $227.7 million regulatory budget.
The approval comes on the heels of its expanded role to oversee the broker-dealer audits. This includes new inspection program for auditors of broker-dealers, who are assessed nearly $18 million for this year.
SEC commissioners voted 5-0 for the Public Company Accounting Oversight Board’s (PCAOB) 2012 spending plan. PCAOB is funded by an accounting fee on companies and registered broker-dealers, as mandated by the Sarbanes-Oxley Act of 2002 to regulate and inspect auditors of U.S.-listed firms.
“The PCAOB has grown into an important regulatory body with a significant investor-protection role,” SEC Chairman Mary Schapiro said before the vote.
“To do its job, and do it right, the PCAOB must have sufficient resources.”