SEC OKs PCAOB Budget

Within a week of receiving the PCOAB budget, the Securities and Exchange Commission approved $136.4 million in funding for the commission. The majority of the funds will be used to hire auditors to inspect CPA firms. Most of the funding will come from assessments of major CPA firms with about $10 million to come from a draw-down in a working capital reserve fund.

There is clear discontent in some quarters from CPAs about PCOAB and Sarbanes-Oxley in general; however, barring unexpected courtroom results, the PCOAB will be around and significant at LEAST for the time being.