The Financial Accounting Resource Center™ is a comprehensive research service that provides the full text of standards, the latest news from the Accounting Policy & Practice Report ®,...
The federal regulator charged with overseeing audits of public companies will carry out its mission with slightly less money in 2018.
The Securities and Exchange Commission approved the nearly $260 million budget for the Public Company Accounting Oversight Board in January.
The PCAOB’s 2018 budget reflects a 3 percent reduction in spending. And revenue from the fees that companies pay to support the board’s operations will drop 12 percent thanks in part to cost savings that reduced the board’s spending last year, according to the PCAOB.
The budget approval came amid several turbulent months for the board.
In December, the SEC, which oversees PCAOB activities, announced it had replaced all five board members. And late last month, federal prosecutors outlined charges against three former PCAOB employees who were accused of making unauthorized disclosures of PCAOB plans for inspections of KPMG audits.
As a result of the criminal probe, PCAOB planned to review its ethics policies and information security protocols. And the new budget provides an extra $3 million that will be used to hire information security staff.
The budget trims spending for travel, training, administrative costs, and recruiting, according to PCAOB documents.
Despite the smaller budget, former Chairman James Doty said in November that the budget would ensure the board could continue its inspections and issue any resulting disciplinary sanctions.
To contact the reporter on this story: Amanda Iacone in Washington at email@example.com
To contact the editor responsible for this story: S. Ali Sartipzadeh at firstname.lastname@example.org
Copyright © 2018 Tax Management Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)