SEC Approves 2013 PCAOB Budget and Accounting Support Fee
On February 13, 2013, the Securities and Exchange Commission (SEC) unanimously approved the 2013 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee as required by the Sarbanes-Oxley Act of 2002.
- A proposed 2013 budget of $245.6 million
- A proposed 2013 accounting support fee totaling $234 million allocated as follows:
- Perform inspections of audits of SEC-registered broker-dealers (a class of audits overseen by the PCAOB as a result of the Dodd-Frank Act).
- Perform international inspections.
- Implement planned improvements to the PCAOB's inspections program, including the reporting and processes for assessing quality control remediation efforts.
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