BusinessCompany NewsUS companies get first oversight invoices

US companies get first oversight invoices

The Public Company Accounting Oversight Board will soon be sending out invoices to more than 8,500 US organisations for fees payable to support its $68m (£42m) oversight operation.

Link: PCAOB makes name for itself

About 5,200 listed companies and 3,300 investment companies will be invoiced with two-thirds paying $1,000 or less, while the majority of the costs will be carried by the biggest companies.

Publicly traded companies with market capitalisation of $25m or more and investment companies with a market cap or average monthly net asset value of $250m or more will fund the PCAOB, under rules introduced by the Sarbanes-Oxley Act of 2002.

Fees must be paid by organisations within 30 days of being notified.

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