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PCAOB proposes $153 million budget for 2005

Oct 27, 2004

The US Public Company Accounting Oversight Board has approved a budget of $152.8 million for 2005. The PCAOB oversees the auditors of public companies, including auditors of foreign companies registered with the SEC, to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.

The 2005 budget, which must be approved by the Securities and Exchange Commission, provides for a 50% increase in staffing, from approximately 300 expected by the end of 2004 to approximately 450 by the end of 2005. The increase will primarily add experienced auditors to conduct inspections of the registered public accounting firms that audit the financial statements of SEC registrants. At 25 October 2004, there were 1,369 registered public accounting firms, of which 850 have at least one public company audit client. Click for More Information.