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SEC Approves PCAOB Budget, Wants Improvements

Tammy Whitehouse | February 5, 2015

The Securities and Exchange Commission approved a reduced 2015 budget for the Public Company Accounting Oversight Board with a charge to get busy on setting important professional standards and whipping broker-dealer auditors in particular into shape.

The PCAOB’s 2015 budget of $250.9 million is 3 percent less than its 2014 budget, but 8 percent more than the board actually spent in 2014, said the SEC. The PCAOB has found it tough to fill all of its professional staff positions in a tight job market for audit talent, leading to a reduced headcount from its projections.

The budget reduction also means a reduction in the support fee that companies and broker-dealers pay to provide the PCAOB with its funding. The 2015 accounting support fee of $226.6 million is about 10 percent lower than the 2014 fee, the SEC said, with $199.1 million of he fee assessed to public companies.

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