At the open meeting held on November 21, 2024, the PCAOB approved its fiscal year 2025 budget, guided by its 2022-2026 Strategic Plan. That plan is built around four key goals to help the PCAOB fulfill its investor-protection mission: (1) modernize standards, (2) enhance inspections, (3) strengthen enforcement, and (4) improve organizational effectiveness. The budget is subject to approval by the SEC.

 

Chair Williams commented that the 2025 budget proposal would provide the funding necessary to maintain “essentially the same number of staff as assumed in the 2024 budget” to continue the PCAOB’s work in conducting inspections and to focus on additional standards in need of modernization. Chair Williams further commented that the PCAOB has issued over $35 million in civil penalties in 2024, all of which is directed toward funding scholarships for accounting students.

 

The PCAOB’s announcement is available here. Chair Williams’ prepared remarks are available here.