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August 21, 2013

PCAOB to hold smaller broker-dealers auditing forums

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

PCAOB finds "troubling" deficiencies in broker and dealer audits

Related Link

The Public Company Accounting Oversight Board

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