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PCAOB Issues Annual Report on Interim Inspection Program for Broker-dealers

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

Aug 18, 2016

On August 18, 2016, the Public Company Accounting Oversight Board (PCAOB) issued an annual report on its interim inspection program for broker-dealers, which addresses audit deficiencies and independence findings the PCAOB discovered in audit firm inspections it conducted during 2015

The report notes that 2015 was “the first annual cycle in which all audits and related attestation engagements were required to be performed in accordance with PCAOB standards and amended Exchange Act Rule 17a-5 and the first annual cycle in which the new attestation engagements were included in the inspections.”

The deficiencies noted by the PCAOB primarily concerned revenue recognition, fair value accounting estimates, the net capital rule, and the customer protection rule.

For more information, refer to the press release, fact sheet, and annual report on the PCAOB’s Web site.

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