January 03, 2005
PCAOB Slows Hiring
The very legislation that created the agency, has caused a great deal competition for the talent needed to run this agency. The PCAOB cannot find enough people to fill positions at the salaries it is offering. It is a good thing that the public companies do not rely on this agency to do their audits. But then again, many smaller public companies cannot afford the new audit fees because of the decrease in firms who want to work with small companies. It is fascinating to see the cascade of consequences from this legislation. Keep watching....more to come.
For an excerpt on the PCAOB, read here:
"U.S. accounting watchdog slashes budget
THE ASSOCIATED PRESS
WASHINGTON -- The U.S. accounting watchdog has voted to cut its 2005 budget by more than 10 percent, to $136.1 million, mainly because of difficulties in hiring workers.
The Public Company Accounting Oversight Board also said it may consider raising salaries in order to attract workers as competition for experienced auditors intensifies.
Thursday's budget cut comes just two months after the board approved a $152.8 million budget for 2005 amid expectations that it would start the year with 300 employees. Instead, the audit-oversight board will begin the new year with 262 staffers, reducing the chances of meeting projections for 450 employees by the end of 2005." For complete article, click here.
To learn more about how your company can comply with Section 404 and more, see www.issuescentral.com to get a 30 day free trial of Sarbanes-Oxley Compliance Playbook(tm)
For an excerpt on the PCAOB, read here:
"U.S. accounting watchdog slashes budget
THE ASSOCIATED PRESS
WASHINGTON -- The U.S. accounting watchdog has voted to cut its 2005 budget by more than 10 percent, to $136.1 million, mainly because of difficulties in hiring workers.
The Public Company Accounting Oversight Board also said it may consider raising salaries in order to attract workers as competition for experienced auditors intensifies.
Thursday's budget cut comes just two months after the board approved a $152.8 million budget for 2005 amid expectations that it would start the year with 300 employees. Instead, the audit-oversight board will begin the new year with 262 staffers, reducing the chances of meeting projections for 450 employees by the end of 2005." For complete article, click here.
To learn more about how your company can comply with Section 404 and more, see www.issuescentral.com to get a 30 day free trial of Sarbanes-Oxley Compliance Playbook(tm)
