PCAOB to consider adopting broker-dealer audit standards

BY KEN TYSIAC
October 4, 2013

The PCAOB will meet at 9:30 a.m. Thursday to consider adopting attestation standards for auditors of brokers and dealers.

A new standard on auditing supplemental information that accompanies financial statements audited in accordance with PCAOB standards also will be considered.

If approved, the new standards for auditors of brokers and dealers will replace the generally accepted auditing standards (GAAS) that currently govern such services. An SEC rule amendment in July required that the following services be performed by PCAOB-registered independent public accountants in accordance with PCAOB standards rather than GAAS:

  • Audits of broker and dealer financial statements and supplemental information.
  • Examinations of broker and dealer compliance reports, which are filed with the SEC when broker-dealers have custody of customers’ assets to aid in compliance with customer protection safeguards.
  • Reviews of broker and dealer exemption reports, which are filed with the SEC when broker-dealers do not have custody of customer assets.


The PCAOB initially proposed the attestation standards—and the standard on auditing supplemental information—in July 2011.

Thursday’s meeting will be available via webcast at the PCAOB site.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

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