PCAOB Approves 2015 Budget and 2014-2018 Strategic Plan
The Public Company Accounting Oversight Board today approved its 2015 fiscal-year budget of approximately $250.9 million and its 2014-2018 strategic plan.
The budget is $7.5 million, or 3 percent, less than the Board's 2014 budget of $258.4 million.
"The 2015 budget reflects the Board's views about how to make optimal use of the PCAOB's strengths and opportunities, as well as our insights about strategies to improve our ability to protect investors and address challenges," said PCAOB Chairman James R. Doty.
The strategic plan serves as the foundation for the 2015 budget, and guides the PCAOB's programs and operations.
The total accounting support fee for 2015 is $226.6 million, with approximately $199.1 million allocated to public companies and $27.5 million to broker-dealers.
The budget assumes that the PCAOB will reach a 2015 year-end projected total of 851 staff. The Division of Registration and Inspections accounts for 522 of these positions, and the Division of Enforcement and Investigations accounts for 64 positions.
As of November 21, 2014, there were 2,216 public accounting firms registered with the PCAOB, including 902 based outside the United States.
The Securities and Exchange Commission rule on the PCAOB budget requires the PCAOB to maintain a strategic plan, and the PCAOB budget is subject to SEC approval.
A summary of the 2015 budget and strategic plan will be available on the PCAOB website once the budget is submitted to the SEC for consideration.