The US Public Company Accounting Oversight Board (PCAOB) will hold forums on auditing smaller broker-dealers in Jersey City on 31 October and in Las Vegas on 20 November.
The forums will discuss guidance for the transition to PCAOB auditing standards applicable to audits of brokers and dealers as well as audit deficiencies and independence findings related to the PCAOB’s interim inspection program for audits of brokers and dealers, which the PCAOB released this month.
In the inspections the PCAOB found deficiencies in the audits of all of the firms inspected, mainly in deficiencies in the audit procedures related to the computations of the customer reserve and net capital requirements as well as audit procedures related to financial statements areas, including procedures regarding tests of revenue, related parties and the risk of material misstatement due to fraud.
The PCAOB said the forums will also feature discussions on the amendments approved by the Securities and Exchange Commission to Exchange Act Rule 17a-5 that affect certain annual reporting, audit and notification requirements for brokers and dealers.
PCAOB James Doty said: "It is imperative to have these conversations now as the regulatory landscape for broker-dealers continues to develop".
Related Article
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataPCAOB finds "troubling" deficiencies in broker and dealer audits
Related Link
The Public Company Accounting Oversight Board
