Securities Client Alert: Payment of Fees to the PCAOB
2/24/2004
As our clients and friends know, Title 1 of the Sarbanes-Oxley Act of 2002 established the Public Company Accounting Oversight Board (PCAOB), a not-for-profit entity designed to regulate and oversee the auditors of public companies. In Section 109 of the Act, Congress directed that funding for the operations of the PCAOB would come in large part directly from public companies themselves, who would be assessed an annual fee in accordance with a formula that would be based upon issuer's market capitalizations.
This Mintz Levin Client Alert discusses the rules that determine which companies will be assessed the fee and the formula used by the PCAOB to determine that fee.
