Washington, D.C., Nov. 24, 2009
The Public Company Accounting Oversight Board has scheduled an Open Meeting for Monday, Nov. 30, at 9:30 a.m., to consider adoption of the PCAOB budget for the 2010 fiscal year and related strategic plan.
Section 109(b) of the Sarbanes-Oxley Act of 2002 requires the Board to establish a budget for each fiscal year no later than one month prior to the commencement of that fiscal year. The Board’s 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 Act. Pursuant to the Act, the budget will form the foundation for the Board’s 2010 assessment of accounting support fees on public companies.
The SEC’s rule related to the PCAOB budget requires PCAOB to maintain a strategic plan. If approved by the Board, the strategic plan will guide the Board’s use of resources related to the Board’s 2010 budget.
The meeting is open to the public and will take place in the Board’s meeting room at 1666 K St. N.W., Washington, D.C. It also will be Webcast via a link on the PCAOB Web site (www.pcaobus.org), and available via podcast later in the day.