The PCAOB announced
yesterday that it will hold an open meeting next week, for board members to vote on its 2012 Budget and related Strategic Plan. The meeting, slated for Wed. Nov. 30 at 9:30 am, will take place in the PCAOB meeting room and will be webcast.
Budget Determines Annual Support Fee
The PCAOB's annual budget, once approved by the board and subject to approval by the SEC as set forth in the Sarbanes-Oxley Act, is funded through the annual "accounting support fee" charged to issuers (public companies. As further explained in About the PCAOB: "The [Sarbanes-Oxley] Act established funding for PCAOB activities, primarily through annual fees assessed on public companies in proportion to their market capitalization and on brokers and dealers based on their net capital."
Read more about the PCAOB's Accounting Support Fee, the board's Strategic Plan for 2010-2014, and links to past Annual Reports and Fiscal Year Budgets.
The PCAOB's planned Standard-Setting Agenda for the upcoming year was presented to the board's Standing Advisory Group earlier this month. See the agenda and briefing papers presented for discussion at the Nov. 9-10 SAG meeting.
Legislative Initiatives Being Considered
Other recent developments relating to the PCAOB bubbling up around Capitol Hill include: Sen. Schumer Urges Audit Watchdog to Act on China (Michael Rapaport, WSJ 11/22/11); Senate Bill Would Require Greater PCAOB Transparency (Broc Romanek, TheCorporateCounsel.net blog)