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
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
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Both proposals will enable the implementation
of section 982 of the Dodd-Frank Wall Street Reform and Consumer
Deadline for comment on the standards is