Compliance


The SEC proposes two rules that would allow it to supervise broker-dealers and their affiliates on a consolidated basis ( www.sec.gov/news/press/2003-134.htm ). One proposal would create an alternative method for computing certain net capital charges for broker-dealers that are part of a holding company that manages risks—and consents to SEC supervision—on a groupwide basis. The other proposed rule would implement section 17(i) of the Securities Exchange Act of 1934, which created a new structure for consolidated supervision of broker-dealers’ holding companies and their affiliates. Such SEC supervision would include recordkeeping, reporting and examination requirements. This proposal also would adjust the audit requirements for over-the-counter derivatives dealers to allow accountants to use agreed-upon procedures when conducting audits of risk management control systems. Comments are due by February 4.

SPONSORED REPORT

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.