Briefly
The U.S. auditing regulator, under pressure from the Securities and Exchange Commission, reduced a $153-million budget request by 10%.
The Public Company Accounting Oversight Board, which is charged with policing auditors and is overseen by the SEC, said Thursday that it approved a revised 2005 budget of $137 million. The board said the reduction was the result of less-than-anticipated hiring.
The SEC was poised to reject the board’s original request after learning that it called for employees to get an average pay raise of 30%. The average salary at the regulator was $203,000 under that proposal.
The SEC must still approve the final budget proposal.
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