PCAOB Approves 2022 Budget
The Public Company Accounting Oversight Board (PCAOB) approved its fiscal year 2022 budget at an open meeting held today.
The 2022 budget is $310.3 million (funding 891 positions), as compared to the 2021 budget of $287.3 million (funding 859 positions). The 2022 budget includes investments to enhance the PCAOB’s oversight activities, stakeholder engagement, business processes, and IT infrastructure. The increased funding in 2022 principally reflects cost escalation for inflation, additional staff positions primarily to support inspections and standard-setting activities, and increased travel costs in anticipation of travel resuming in 2022 after being halted given the pandemic.
"Our budget sets forth the resources required to enable the Board and our dedicated staff to fulfill our statutory mandate and drive continuous improvement in audit quality through proactive, responsive, and innovative oversight,” said PCAOB Acting Chairperson Duane M. DesParte.
Guiding the development of the budget is the PCAOB’s current five-year Strategic Plan. Given the ongoing leadership transition at the PCAOB, the Board used the organization’s 2020-2024 Strategic Plan as the basis for the 2022 budget, with the expectation that the new Board will reassess the PCAOB’s strategic goals and priorities in 2022.
The PCAOB's budget is subject to approval by the U.S. Securities and Exchange Commission.
An audio recording of today’s open meeting, which was held virtually, will be available on the PCAOB website.
About the PCAOB
The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers, including compliance reports filed pursuant to federal securities laws.
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