SEC Approves PCAOB’s 2016 Budget
With a 2-1 vote, the Securities and Exchange Commission (“SEC”) has approved the Public Company Accounting Oversight Board’s (“PCAOB”) budget for 2016. This year’s spending plan is $257.7 million, which is a 2.7 percent increase from the audit regulator’s 2015 budget ($250.9 million).
The PCAOB estimates that its 2016 total support fees will be $253.3 million. Approximately $220.9 million of those fees are expected to come from public companies, while $32.4 million will come from broker-dealers.
SEC Commissioner Michael Piwowar was the lone dissenting vote, favoring a more modest increase in the accounting support fee. Piwowar also expressed concern over the PCAOB’s inability to reach a “steady-state” of expenditure growth, and suggested that the five-year projections reflect costs continuing to escalate.