PCAOB Approves 2018 Budget and 2017-2021 Strategic Plan

WASHINGTON, DC, Nov. 16, 2017

The Public Company Accounting Oversight Board today approved its 2018 fiscal-year budget of approximately $259.9 million and its 2017-2021 strategic plan, which serves as the foundation for the budget and guides the PCAOB's programs and operations.

The 2018 budget is $8.6 million, or 3.2 percent, less than the 2017 budget of $268.5 million.

"The 2018 budget reflects a diligent and thoughtful review of the resources necessary for the PCAOB to continue protecting investors through audit oversight," said PCAOB Chairman James R. Doty.

The total accounting support fee for 2018 is $235.3 million, which is $32.6 million less than the support fee in 2017. Approximately $205.4 million of the 2018 accounting support fee is allocated to public companies and $29.9 million is allocated to brokers and dealers.

Currently, there are 1,935 public accounting firms registered with the PCAOB, including 890 based outside the United States and 456 that conduct audits of broker-dealers.

The PCAOB budget is subject to Securities and Exchange Commission approval.

The strategic plan, and a summary of the 2018 budget, will be available on the PCAOB website once the budget is submitted to the SEC.