PCAOB Approves 2020 Budget, Reaffirms Strategic Direction

The Public Company Accounting Oversight Board today approved its fiscal year 2020 budget and five-year strategic plan in an open meeting. The Board's strategic plan guides the PCAOB's programs and operations and serves as the foundation for the budget.

"We are proud of the progress we made to execute our strategic plan in year one," said PCAOB Chairman William D. Duhnke. "Much more, however, remains to be done to effectively advance our mission. I look forward to working with my fellow Board members and our dedicated staff during the coming budget year as we seek to drive improvements in audit quality. We remain collectively committed to providing forward-looking, responsive, and innovative oversight."

The PCAOB's 2020 budget includes investments in personnel, processes, and technology, and will provide the Board with the resources necessary to continue to make progress toward implementing its strategic plan. The budget is $284.7 million, which would fund 850 positions.

The PCAOB's budget is subject to approval by the U.S. Securities and Exchange Commission, which is scheduled to meet on December 18 to consider it.