U.S. SEC approves budget of independent accounting board

WASHINGTON The Securities and Exchange Commission on Monday voted to approve the budget for the auditing watchdog that oversees the work of leading U.S. accounting firms.

The SEC staff recommended approving the budget of the Public Company Accounting Oversight Board (PCAOB) and SEC Commission Chair Mary Jo White and commissioner Kara Stein endorsed the $257.7 million budget.

Commissioner Michael S. Piwowar voted against the budget.

There are typically five SEC commissioners and the White House has proposed to fill two vacancies this year.

(Reporting By Patrick Rucker; Editing by Meredith Mazzilli)

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