The Securities and Exchange Commission (SEC) has unanimously approved an 8% rise in the next budget of the Public Company Accounting Oversight Board (PCAOB).

The agreed PCAOB budget stands at $245.6m (£158.4m), while the related annual accounting support fee of $234m - which will be the primary funding source of the budget, and a requirement, following the Sarbanes-Oxley Act of 2002 - has also been given the go ahead by the SEC.

Luis A. Aguilar, commissioner at the SEC, commended PCAOB's (the "Board") five-year plan that focused on the interests of investors, but raised concerns over resistance it was facing from Chinese-based firms, he said: 'The PCAOB's inability to inspect the Chinese operations of registered accounting firms continues to be a serious problem, given the number of claims in recent years regarding potential fraud or other irregularities at China-based companies traded on U.S. markets.

'As I've said previously, this is a matter that needs resolution. The inspections program is the heart of the PCAOB's mission. It is critical to both investor protection and investor confidence, and I appreciate the Board's recognition of that urgency.'

The budget rise has primarily been attributed to an increase in the PCAOB's audit inspections program, including additional staff. SEC chairman Elisse B. Walter said: 'It is critical that the PCAOB has the resources it needs to get the job done.

'This budget review and approval process allows the SEC to determine appropriate funding levels and ensure that funds collected from issuers and broker-dealers are used efficiently and effectively.'

The accounting support fee for 2013 rose 9% from the figure for the previous year.