The SEC approves a budget boost for the accounting board, which wants to lure and hold on to auditing talent.
In an effort to compete with the private sector for more accounting help, the Securities and Exchange Commission unanimously approved a 4 percent budget boost for the Public Company Accounting Oversight Board on Monday, increasing the group's funding to $136.4 million for 2007.
Most of the board's outlays will be spent on salaries, benefits, recruitment, and related personnel expenses, said PCAOB Chairman Mark Olson during an open meeting of the SEC held Monday. Indeed, the PCAOB, which is charged by Congress to inspect and oversee public accounting firms, has budgeted about $80 million for salaries, the majority of which will be used to pay experienced accountants and attorneys to inspect accounting firms, added Olson. The next highest outlay is the $9.4 million budgeted for employee benefits.
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