PCAOB issues staff Q&As on registration of auditors of nonpublic broker-dealers

The Public Company Accounting Oversight Board has issued Staff Questions and Answers concerning registration of auditors of nonpublic broker-dealers.

Until recently, by order of the Securities and Exchange Commission, registration of auditors of nonpublic broker-dealers was not necessary. As a result of the recent expiration of the SEC order, however, financial statements of nonpublic broker-dealers for fiscal years ending after December 31, 2008, must be certified by a registered public accounting firm.

Issues addressed in the guidance published today include the registration process, including timing and fees; the extent to which applications are public and the process for seeking confidential treatment; and obligations associated with being registered, including periodic reporting and annual fee requirements. The PCAOB Staff Questions & Answers on the Registration of Auditors of Nonpublic Broker-Dealers are available on the PCAOB Web site on the Registration page under the Registration Information heading.

This guidance was prepared by the PCAOB Division of Registration and Inspections to supplement PCAOB Release No. 2003-011B, Frequently Asked Questions Regarding Registration with the Board. These Q&As supplement guidance on the same topic issued recently by the SEC staff and the Financial Industry Regulatory Authority (FINRA). The SEC FAQs and FINRA Information Notice documents are available on their respective Web sites.


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