PCAOB increases budget to comply with Dodd-Frank mandates

Feb 06, 2012

Aug 30, 2011

The PCAOB approved its 2011 fiscal-year budget of approximately $204.4 million with an 11.5% increase over last year to address new oversight of broker-dealer auditors mandated by the Dodd-Frank Act.

"More than half of the projected 2011 headcount increase will be devoted to implementation of the provisions of the Dodd-Frank Act that expand the Board’s inspection, standard-setting, and enforcement authority to the audits and auditors of Securities and Exchange Commission-registered securities broker-dealers,” said Daniel L. Goelzer, PCAOB acting chairman.

The majority of new expenses in the 2011 budget are increases in staffing, information technology and facilities.

The 2011 budget is subject to SEC approval.