The United States’ (U.S’) Securities and Exchange Commission has approved the 2022 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee.
Speaking on the approval, SEC Chair, Gary Gensler, said: “Finance is about trust, and the PCAOB has a critical role to play in ensuring that public company financial disclosures can be trusted by investors.
“This budget would enable the Board to live up to its potential as envisaged under the Sarbanes-Oxley Act”, the regulator added.
The 2022 PCAOB budget totals $310.3 million. The accounting support fee totals $297.9 million, of which $267.2 million will be assessed on public company issuers and $30.7 million will be assessed on registered broker-dealers.
The Sarbanes-Oxley Act of 2002, which established the PCAOB, provides the Commission with oversight responsibility over the PCAOB. This includes reviewing and approving the PCAOB’s budget and accounting support fee annually.
SEC staff and PCAOB staff meet on a regular basis to coordinate efforts with the Commission.
