SEC Approves the 2023 Public Company Accounting Oversight Board Budget and Accounting Support Fee
FOR IMMEDIATE RELEASE
Washington D.C., Dec. 23, 2022 —
The Securities and Exchange Commission today voted to approve the 2023 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee.
“The PCAOB plays a critical role to ensure that investors can trust a company’s financial disclosures,” said SEC Chair Gary Gensler. “I'm glad to support this budget, providing the PCAOB the resources to promote its mission under the Sarbanes-Oxley Act, benefiting investors and issuers alike.”
The 2023 PCAOB budget totals $349.5 million. The accounting support fee totals $329.4 million, of which $300.3 million will be assessed on public company issuers and $29.1 million will be assessed on SEC 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.