WASHINGTON Feb 13 U.S. Securities and Exchange
Commission Chairman Elisse Walter said Wednesday her agency is
prepared to work with the country's top audit watchdog should
automatic and drastic budget cuts known as "sequestration" take
effect in March.
The Public Company Accounting Oversight Board, a nonprofit
corporation, would face a potential $18 million cut to its
budget if sequestration took effect, according to a White House
budget document released last year. The PCAOB does not receive
any congressional appropriations, funding its budget through
fees on public companies and brokers.
"I would expect that in the event that sequestration occurs
and the PCAOB's 2013 budget is indeed affected, the PCAOB will
work with the Commission and Commission staff as appropriate
regarding implementation of sequestration," Walter said.