Attestation Standards for Broker-Dealer Audits on PCAOB Docket

By Jason Bramwell
 
The Public Company Accounting Oversight Board (PCAOB) is expected to discuss adopting attestation standards for auditors of broker-dealers during an open meeting October 10.
 
The meeting, which will begin at 9:30 a.m. EDT, will also include board consideration on an auditing standard for supplemental information and related amendments to other PCAOB standards.
 
The board will consider two attestation standards related to the auditor's examination of compliance reports and review of exemption reports of broker-dealers.
 
According to the PCAOB, the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Sarbanes-Oxley Act to, among other things, authorize the PCAOB to oversee the audits of broker-dealers registered with the US Securities and Exchange Commission (SEC). 
 
This past July, the SEC amended Rule 17a-5 to require, in part, that audits of broker-dealers' financial statements and supplemental information, examinations of broker-dealers' compliance reports, and reviews of broker-dealers' exemption reports be conducted by firms registered with the PCAOB and in accordance with PCAOB standards.
 
Also during the meeting, the board will consider a new standard on auditing supplemental information that accompanies financial statements audited in accordance with PCAOB standards.
 
The PCAOB initially proposed the attestation standards and auditing standard on July 12, 2011.
 
The October 10 meeting is open to the public and will take place in the PCAOB's meeting room at 1666 K St. NW, Washington, DC. A webcast via a link on the PCAOB website will be made available the day of the meeting. The meeting also will be available via podcast later in the day.
 
Related articles:
 

You may like these other stories...

IRS audits less than 1 percent of big partnershipsAccording to an April 17 report from the Government Accountability Office (GAO), the IRS audits fewer than 1 percent of large business partnerships, Stephen Ohlemacher of the...
Is it time to consider a value added tax?Forbes contributor Joseph Thorndike wrote yesterday that he believes the tax reform proposal by House Ways and Means Committee Chairman Dave Camp (R-MI) was dead on arrival. But he...
Read more from Larry Perry here and in the Today's World of Audits archive.The planning phase of an audit engagement of an entity using US GAAP or a special purpose framework will, with minor differences, include similar...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.