At November 19 Open Meeting, PCAOB to Consider Adoption of Budget, Strategic Plan, and Amendments to PCAOB Independence Standards and Rules
The Public Company Accounting Oversight Board (PCAOB) will hold an open meeting on Thursday, November 19, at 10:00 a.m. ET. At the meeting, the Board will consider the following:
- 2021 Budget and Five-Year Strategic Plan: The Board will consider the adoption of the PCAOB budget for the 2021 fiscal year and the 2020-2024 Strategic Plan. The Strategic Plan guides the development of the budget, and the budget is the foundation for the 2021 accounting support fee assessments. The Sarbanes-Oxley Act of 2002 requires the PCAOB to establish a budget for each fiscal year (which for the PCAOB is the calendar year) no later than one month prior to the commencement of that fiscal year. If approved by the Board, the budget will be submitted to the U.S. Securities and Exchange Commission (SEC) for approval.
- Amendments to Align PCAOB Independence Requirements with SEC Rules: The Board will consider adopting amendments to its interim independence standards and independence rules to align with recent revisions to the SEC’s auditor independence rules.
Given the ongoing challenges of the COVID-19 pandemic, the PCAOB’s open meeting will take place virtually. Members of the public can listen to the audio-only meeting using the following numbers:
Domestic Toll-Free: 1-844-721-7237
Access Code: 9484477
Following the meeting, a recording will be made available on the PCAOB website.