The US Public Company Accounting Oversight
Board (PCAOB) has proposed rules to expand its oversight authority
to cover audits of securities brokers and dealers.

The rules will implement several provisions of
the Dodd-Frank Wall Street Reform and Consumer Protection
Act signed into law in July.

The proposed rules incorporate an interim
inspection program for registered public accounting firms’ audits
of brokers and dealers, as well as rules related to assessing and
collecting a portion of its accounting support fee from
brokers.

Under the temporary rule, the PCAOB would
begin to inspect auditors of brokers and dealers and identify and
address any significant issues it uncovers in those audits, while
the scope and other elements of a permanent inspection program are
considered.

The rules are subject to the approval of the
US Securities and Exchange Commission.

The proposed rules are open for comment until
15 February 2011.

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