Please ensure Javascript is enabled for purposes of website accessibility

Let’s Speculate Wildly as to Why the PCAOB Delayed Its Budget Meeting

So, this happened:

The Public Company Accounting Oversight Board today announced that it is postponing consideration of its budget for the 2015 fiscal year and the related strategic plan.  The Open Meeting for Thursday, November 20, is cancelled.

Action on the budget and related strategic plan will be rescheduled later this month.

Section 109(b) of the Sarbanes-Oxley Act of 2002 requires the PCAOB to establish a budget for each fiscal year no later than one month prior to the commencement of that fiscal year. The PCAOB fiscal year is the calendar year. If approved by the Board, the budget will be submitted to the Securities and Exchange Commission for approval, as required by Section 109(b) of the Sarbanes-Oxley Act.

I'm sure you all are horribly disappointed as you planned your entire day around today's now-cancelled open meeting.

It could be the PCAOB has a lot on its plate. It could be some idiot forgot to order the crudités from Giant. It could be they read the weather report and decided it was too cold to make interested parties drag themselves down to K Street. It could be they, like the audit firms they inspect as thoroughly as the nation's top proctologists inspect their patients, realized they're working a lot harder than the budget allows and therefore need a few extra bucks.

Who knows. Feel free to let your wild speculation flow.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

Beijing statue

China Tells Its State-Owned Orgs Don’t Use Big 4 Audit Firms

Some time last year PCAOB inspectors visited China and while details of their visit were kept somewhat quiet from both sides, we were told that the inspectors gained unprecedented access to Chinese audit work. This event did not come about because China suddenly warmed to the PCAOB, rather Congress urged their cooperation along with the […]

Turns Out Cohen & Company Auditors Are Human After All

Breaking news: Cohen & Company made a mistake on one of its audits inspected by the PCAOB. Big deal, you’re probably thinking, audit firms screw up all the time—some more than others. (We’re looking at you, BDO USA.) But Cohen & Company had perfect auditing report cards from the PCAOB for 2018, 2019, and 2020. […]