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...

Tesco says it overstated profit forecastStanley Reed of the New York Times reported that Tesco, the large British grocery retailer, disclosed on Monday that it had overstated its expected half-year profit by about $400...
The Public Company Accounting Oversight Board (PCAOB) on Monday reminded auditors that they should continue adhering to the board’s existing standards when considering an organization’s ability to operate as a...
Exclusive: Lois Lerner breaks silenceIn her first press interview since the IRS Tea Party targeting scandal broke 16 months ago, ex-agency official Lois Lerner told Politico that employers won’t hire her, she’s...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.