SEC Approves PCAOB 2023 Budget
Commentary by Steven Lofchie
The SEC approved a significant increase in the annual budget of the Public Company Accounting Oversight Board and the related annual accounting support fee.
The Commission determined that "the PCAOB’s 2023 budget and annual accounting support fee are consistent with Section 109 of the Sarbanes-Oxley Act."
According to a statement by Commissioner Hester Peirce, the PCAOB's 2023 budget represents $349.5 million for 2023, an increase of approximately 12.6 percent from its 2022 budget. The annual accounting support fee was $329.4 million, of which $300,300,000 will be assessed on public company issuers, and $29,100,000 will be assessed on SEC-registered broker-dealers. Ms. Peirce contended that "a smaller budget might assist the PCAOB in being more selective, hewing more closely to its narrow mandate, and better stewarding its resources."
Commentary
If greenhouse gas reporting goes forward, Commissioner Peirce is likely to look back on these budget increases for audit requirements as the good old days.