SEC approves budget of independent accounting boardWASHINGTON (Reuters) - The Securities and Exchange Commission on Monday approved 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, saying he was skeptical of the nearly 3 percent increase in the PCAOB budget from a year ago. He also said he was not persuaded that the additional burden on accounting firms and broker-dealers, which fund the PCAOB through fees, was merited. “The Commission represents the only safeguard to an otherwise unilateral ability to impose the accounting support fee on companies and broker-dealers,” said. The SEC controls the budget and assigns members of the PCAOB, which was conceived to prevent future accounting scandals like the one that brought down energy company Enron in 2001. The SEC has two vacant seats and the Senate Banking Committee is due on Tuesday to consider two nominees put forward by the White House. Commission Chair Mary Jo White has said she intends to wait until the agency once again has its full, five-member panel before moving forward to appoint a new PCAOB chief. Current PCAOB Chairman James Doty’s term expired last fall. politicsNews
sec approves budget independent accounting boardwashington reuters the securities exchange commission monday approved budget auditing watchdog oversees work leading accounting firms the sec staff recommended approving budget public company accounting oversight board pqasb sec commission chair mary jo white commissioner kara stein endorsed million budget commissioner michael piwowar voted saying skeptical nearly percent increase pqasb budget year ago he also said persuaded additional burden accounting firms fund pqasb fees merited the commission represents safeguard otherwise unilateral ability impose accounting support fee companies said the sec controls budget assigns members pqasb conceived prevent future accounting scandals like one brought energy company non the sec two vacant seats senate banking committee due tuesday consider two nominees put forward white house commission chair mary jo white said intends wait agency full panel moving forward appoint new pqasb chief current pqasb chairman james dot term expired last fall politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: SEC approves budget of independent accounting boardWASHINGTON (Reuters) - The Securities and Exchange Commission on Monday approved 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, saying he was skeptical of the nearly 3 percent increase in the PCAOB budget from a year ago. He also said he was not persuaded that the additional burden on accounting firms and broker-dealers, which fund the PCAOB through fees, was merited. “The Commission represents the only safeguard to an otherwise unilateral ability to impose the accounting support fee on companies and broker-dealers,” said. The SEC controls the budget and assigns members of the PCAOB, which was conceived to prevent future accounting scandals like the one that brought down energy company Enron in 2001. The SEC has two vacant seats and the Senate Banking Committee is due on Tuesday to consider two nominees put forward by the White House. Commission Chair Mary Jo White has said she intends to wait until the agency once again has its full, five-member panel before moving forward to appoint a new PCAOB chief. Current PCAOB Chairman James Doty’s term expired last fall. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: sec approves budget independent accounting boardwashington reuters the securities exchange commission monday approved budget auditing watchdog oversees work leading accounting firms the sec staff recommended approving budget public company accounting oversight board pqasb sec commission chair mary jo white commissioner kara stein endorsed million budget commissioner michael piwowar voted saying skeptical nearly percent increase pqasb budget year ago he also said persuaded additional burden accounting firms fund pqasb fees merited the commission represents safeguard otherwise unilateral ability impose accounting support fee companies said the sec controls budget assigns members pqasb conceived prevent future accounting scandals like one brought energy company non the sec two vacant seats senate banking committee due tuesday consider two nominees put forward white house commission chair mary jo white said intends wait agency full panel moving forward appoint new pqasb chief current pqasb chairman james dot term expired last fall politicsnews