New Special Report!

Cause and Effect of the Changing Broker-Dealer Audit Landscape

Auditors of broker-dealers are now subject to the PCAOB’s rigorous documentation, risk assessment, audit committee communication, and other audit requirements. As a result, broker-dealer auditors who don’t already audit issuers have their work cut out for them.

The broker-dealer landscape has been experiencing significant change, and it may continue to do so for the foreseeable future. In response to the 2008 financial crisis, the Dodd-Frank Wall Street Reform and Protection Act (Dodd-Frank Act) was enacted in July 2010. That Act amended the Sarbanes-Oxley Act of 2002 to grant the Public Company Accounting Oversight Board (the PCAOB) oversight of audits of broker-dealers registered with the SEC, including standard-setting, inspection, investigation, and disciplinary action. Since that time, the PCAOB has performed inspections of broker-dealer audits, followed by the adoption of new SEC rules amending Rule 17a-5 relating to financial reporting and PCAOB standards affecting broker-dealer audits.

In this complimentary special report, we address important changes that have taken place in the broker-dealer industry, focusing on changes that most significantly impact broker-dealer auditors and how they came about.

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