PCAOB Approves 2014 Budget and 2013-2017 Strategic Plan
The Public Company Accounting Oversight Board today approved its 2014 fiscal-year budget of approximately $258.4 million and its 2013-2017 strategic plan.
The budget is $12.8 million, or 5 percent, above the Board's 2013 budget of $245.6 million.
The Board also approved its strategic plan for 2013-2017 to serve as the foundation for the 2014 budget, and to guide the PCAOB's programs and operations.
"We are happy to say that we made substantial progress on the six near-term priorities we outlined this time last year. For the 2013-2017 plan approved today, we added new objectives and strategies relating to these priorities," said PCAOB Chairman James R. Doty.
"The $258 million budget supports the strategic plan, and properly reflects the Board's funding needs to maintain quality programs, effective oversight, and dedicated people as we seek to fulfill the Board's investor protection mission," Chairman Doty said.
The total accounting support fee for 2014 is $252 million, with approximately $225 million allocated to public companies and $27 million to broker-dealers.
The budget assumes that the PCAOB will reach a 2014 year-end projected total of 864 staff. The Division of Registration and Inspections accounts for 533 of these positions, and the Division of Enforcement and Investigations accounts for 66 positions.
As of Nov. 13, 2013, there were 2,234 public accounting firms registered with the PCAOB, including 913 based outside the United States.
The 2014 budget is subject to approval by the Securities and Exchange Commission. Additionally, the SEC's rule on the PCAOB budget requires the PCAOB to maintain a strategic plan.
A summary of the 2014 budget will be available on the PCAOB website once it is submitted to the SEC for consideration. The PCAOB strategic plan also will be available at the same time. Both documents will be available on the Operations page under the " About the PCAOB" tab on the PCAOB website.