The Securities and Exchange Commission (SEC) has approved the Public Company Accounting Oversight Board (PCAOB) budget and annual accounting support fee for 2025, in accordance with the Sarbanes-Oxley Act. The SEC reviewed the PCAOB's proposed budget, ensuring it aligns with recoverable expenses, and emphasized the importance of operational efficiency. The PCAOB is directed to maintain regular communications with the SEC regarding any budget adjustments and to submit a reduced spending plan due to sequestration cuts. The Budget Control Act of 2011 requires sequestration of $22.8 million for 2025, slightly reducing available funds for the PCAOB.
Simple Explanation
The government said "yes" to a big group's (PCAOB) plan for money they need in 2025 to keep an eye on other companies’ money matters. They also asked the group to spend a little less because some extra savings need to be made.