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SEC Approves PCAOB’s 2019 Budget

January 17, 2019

One month after the new Public Company Accounting Oversight Board (“PCAOB”) leadership approved a budget increase for 2019, the Securities and Exchange Commission (“SEC”) published a release approving the PCAOB budget. Release No. 33-10592, Order Approving Public Company Accounting Oversight Board Budget and Annual Accounting Support Fee for Calendar Year 2019, gives the PCAOB the ability to have a $273.7 million budget this year. This year’s budget is a 5.3 increase from 2018 ($259.9 million).

Release No. 33-10592 also orders the PCAOB to schedule monthly meetings during 2019 with SEC staff to provide updates on initiatives that could impact the 2020 budget. Additionally this year, the SEC PCAOB must continue providing the SEC quarterly updates about some of its divisions and offices.

The SEC must approve all major PCAOB decisions before they go into effect.