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July 12, 2011

PCAOB proposes broker-dealer auditing standards

The Public Company Accounting Oversight Board (PCAOB) has proposed audit and attest standards for audits of broker-dealer and issuer engagements.

The proposals consist of two attestation standards related to the auditor’s examination of compliance reports and review of exemption reports of broker-dealers proposed by the US Securities and Exchange Commission (SEC) as part of its amendments to the broker-dealer financial reporting rule.

The examination and review standard would apply to compliance reports and exemption reports of brokers and dealers in the event the SEC does adopt the proposed amendments.

The proposals also include a new standard on auditing supplemental information accompanying audited financial statements that broker-dealers and issuers file with the SEC.

The PCAOB explained the supplement standard would help establish the auditor’s responsibilities when the financial statement auditor is engaged to audit and report on supplemental information that accompanies the audited financial statements. Examples of such supplemental information include the supporting schedules that brokers and dealers are required to file with the SEC.

The proposed standard also would apply to certain supplemental information of issuers that is included in SEC filings.

Both proposals will enable the implementation of section 982 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Deadline for comment on the standards is 12 September.

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