October 3, 2022

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.

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