SEC Approves 2013 PCAOB Budget and Accounting Support Fee; Chairman Walter and Commissioner Aguilar Remark on Providing Resources to the PCAOB

SEC Chairman Elisse Walter made remarks at the SEC open meeting on whether to approve the proposed 2013 budget and accounting support fee for the Public Company Accounting Oversight Board ("PCAOB" or "Board"). According to Chairman Walter, the PCAOB has an interim broker-dealer inspection program in place, and has issued a public report on the progress of the interim broker-dealer inspections program and the audit deficiencies identified in the limited initial group of inspected audits of broker-dealers. Chairman Walter noted that the Board plans to continue inspections under the interim program until rules for a permanent program take effect. Walter believes that it is critical for the Board to have the resources it needs to get the job done.

On a similar note, SEC Commissioner Luis A. Aguilar delivered a speech discussing the resources the PCAOB will need in order to oversee the audits of public companies and broker-dealers, as well as fulfill its mission to protect the interests of investors, and to further the public interest in the preparation of informative audit reports. The SEC's rules require the PCAOB to align its budget request and justification to the Board's long-term strategic goals, duties and responsibilities. Accordingly, the Board has adopted a detailed, five-year strategic plan.

The SEC unanimously approved the 2013 budget of the PCAOB ($245.6 million) and the related annual accounting support fee as required by the Sarbanes-Oxley Act of 2002.

Click here to view Press Release and Fact Sheet (links externally to SEC website).See also: Chairman Walter's Opening Remarks and Commissioner Aguilar's Speech on Resources.Related Materials: Public Company Accounting Oversight Board Strategic Plan: Improving the Relevance and Quality of the Audit for the Protection and Benefit of Investors 2012 – 2016 (Nov. 30, 2012).