Board to Consider 2004 Budget

Washington, D.C., Nov. 21, 2003

The Public Company Accounting Oversight Board has scheduled an open meeting at 10 a.m. Tues., Nov. 25, in the Federal Room of the Capital Hilton at 1001 16th St., N.W., in Washington, DC.

The Board is scheduled to consider the PCAOB's budget for the 2004 fiscal year. The Board's budget supports its mission to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports, including carrying out its core functions of registration, inspection, investigation and discipline, and standards-setting.

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 Sarbanes-Oxley Act.

Pursuant to the Act, the Board's budget, less registration fees collected in 2003, will form the basis for the Board's annual assessment of accounting support fees on public companies.

The meeting is open to the public and will be webcast at