SEC Approves 2013 PCAOB Budget and Accounting Support Fee

Video: Open Meeting

Chairman Walter discusses the final rule:
Windows Media Player

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Text of
Chairman's statement

The Securities and Exchange Commission today 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.

The PCAOB budget totals $245.6 million and will be funded primarily by the collection of an accounting support fee totaling $234 million.

“It is critical that the PCAOB has the resources it needs to get the job done,” said SEC Chairman Elisse B. Walter. “This budget review and approval process allows the SEC to determine appropriate funding levels and ensure that funds collected from issuers and broker-dealers are used efficiently and effectively.”