PCAOB Approves 2017 Budget and 2016-2020 Strategic Plan
WASHINGTON, Nov. 17, 2016
Public Company Accounting Oversight Board today approved its 2017
fiscal-year budget of approximately $268.5 million and its 2016-2020
strategic plan, which serves as the foundation for the budget and guides
the PCAOB's programs and operations.
The 2017 budget is $10.8 million, or 4.2 percent, above the Board's 2016 budget of $257.7 million.
"The 2017 budget reflects a concerted effort to keep costs down
while, at the same time, ensuring that the PCAOB can meet its mandated
responsibilities to oversee auditors and protect investors," said PCAOB Chairman James R. Doty.
The total accounting support fee for 2017 is $268 million, with
approximately $232.6 million allocated to public companies and $35.3
million to brokers and dealers.
Currently, there are 2,022 public accounting firms registered with
the PCAOB, including 895 based outside the United States and 507 that
conduct audits of broker-dealers.
The PCAOB budget is subject to Securities and Exchange Commission approval.
A summary of the 2017 budget and strategic plan will be available on the PCAOB website once the budget is submitted to the SEC.