SEC Approves PCAOB's Proposed 2025 Budget

SEC Approves PCAOB's Proposed 2025 Budget On December 18, 2024, the SEC approved the PCAOB's proposed 2025 budget and the related annual Accounting Support Fee (ASF). The SEC voted 3-2 to approve the budget proposal, with Democratic Commissioners Caroline Crenshaw and Jaime Lizárraga joining Chair Gary Gensler to cast votes in favor of the $399.7 million request and Republican Commissioners Mark T. Uyeda and Hester M. Pierce dissenting.

The proposed budget includes funding for 945 positions, one less position than what was requested in 2024. The budget also includes a projected ASF of $374.9 million, comprised of $346.1 million for issuers and $28.8 million for broker-dealers. In an SEC Open Commission Meeting on December 18, PCAOB Chair Erica Y. Williams reported that while the projected ASF represents a necessary increase compared to 2024, the PCAOB anticipates the smallest billable issuers will see no increase, while the median difference per bill for issuers