PCAOB Approves 2017 Budget and 2016-2020 Strategic Plan

The Public Company Accounting Oversight Board today approved its 2017 fiscal-year budget of approximately $268.5 million and its 2016-2020 strategic plan, which serves as the foundation for the budget and guides the PCAOB's programs and operations.

The 2017 budget is $10.8 million, or 4.2 percent, above the Board's 2016 budget of $257.7 million.

"The 2017 budget reflects a concerted effort to keep costs down while, at the same time, ensuring that the PCAOB can meet its mandated responsibilities to oversee auditors and protect investors," said PCAOB Chairman James R. Doty.

The total accounting support fee for 2017 is $268 million, with approximately $232.6 million allocated to public companies and $35.3 million to brokers and dealers.

Currently, there are 2,022 public accounting firms registered with the PCAOB, including 895 based outside the United States and 507 that conduct audits of broker-dealers.

The PCAOB budget is subject to Securities and Exchange Commission approval.

A summary of the 2017 budget and strategic plan will be available on the PCAOB website once the budget is submitted to the SEC.