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PCAOB to Consider 2011 Budget and Strategic Plan

The Public Company Accounting Oversight Board has scheduled an Open Meeting for Tuesday, Nov. 23, at 9:30 a.m., to consider adoption of the PCAOB budget for the 2011 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 commencement 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 will form the foundation for the PCAOB’s 2011 Accounting Support Fee assessment. The Dodd-Frank Act amendments to the Sarbanes-Oxley Act expanded PCAOB oversight responsibilities to include audits of brokers and dealers, and directed the Board to allocate an equitable portion of the Accounting Support Fee among broker-dealers, as well as issuers. The 2011 Accounting Support Fee, therefore, will be the first to be apportioned among issuers and broker-dealers.

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 2011 budget.

The meeting is open to the public and will take place in the PCAOB meeting room at 1666 K St. N.W., Washington, D.C. It will be Webcast via a link on the PCAOB Web site, and available via podcast later in the day.

 

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