X

SEC Approves 2016 PCAOB Budget

The SEC approved the 2016 budget for the Public Company Accounting Oversight Board ("PCAOB") and a related annual accounting support fee.

The 2016 PCAOB budget includes:

  • an increase of approximately 3 percent over its 2015 budget of $250.9 million and an increase of approximately 5 percent over its estimated $244.9 million in spending in 2015; and

  • an accounting support fee of $253.3 million that is 12% higher than the 2015 accounting support fee of $226.6 million.

The SEC asserted that the difference between the increase in the accounting support fee and the increase in the budget "reflects the fact that there is less unused funding to be carried forward from FY 2015 to offset FY 2016 budgeted expenditures than was the case [in 2015]."

Despite these increases, SEC Commissioner Michael S. Piwowar expressed his concern that five-year projections for additional spending represented a "mountain of escalating costs."

Primary Sources

  1. SEC Press Release
  2. SEC Chair Mary Jo White's Opening Remarks
  3. SEC Commissioner Kara M. Stein's Statement
  4. SEC Commissioner Michael S. Piwowar's Dissenting Statement

Related Articles

Tags

Regulated Activities
Accounting and Audit
Regulated Entities
Regulatory Agencies
Sub-Entity
Securities SROs
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
SEC