December 14, 2016

The SEC has approved the Public Company Accounting Oversight Board’s (PCAOB) 2017 budget, as well as its related annual accounting support fee, to be collected from public issuers of financial statements.

The regulator’s planned budget for next year totals $268.5 million, which reflects a 4 percent increase compared to last year's budget ($257.7 million).

The budget is expected to be funded by the collection of an accounting support fee from public companies and broker-dealers totaling $268 million, according to a SEC release. Established as a result of the Sarbanes-Oxley Act of 2002, the PCAOB oversees the audits and auditors of financial statements filed by public companies.

“In furtherance of carrying out its mission in a cost-effective way, the PCAOB will undertake a study of operational efficiency and budgetary needs and submit a report to the Commission by mid-March next year,” said SEC Chair Mary Jo White.