SEC Approves 2024 PCAOB Budget and Accounting Support Fee

The U.S. Securities and Exchange Commission has issued an order to approve the 2024 budget and the so-called accounting support fees of the Public Company Accounting Oversight Board (PCAOB) which is responsible for overseeing and regulating the auditing of public companies and their financial reports to protect investors and enhance the integrity of financial markets. The accounting support fees is relevant for issuers and broker dealers as it is levied on issuers and broker-dealers. The figures for 2024 are as follows:
– the total PCAOB budget is $384.7 million and the 2024 accounting support fee is $358.8 million
– $331.0 million will be levied on public issuers
– $27.8 million will be levied on registered broker-dealers
The accounting support fee is used by the PCAOB to cover the costs associated with its oversight activities, including inspections, standard-setting, enforcement, and other regulatory functions related to the auditing profession.