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December 14, 2010

PCAOB proposes broker-dealer audit rules

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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