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PCAOB Publishes Staff Inspection Brief Previewing the Results of 2016 Inspections of Auditors of Broker-Dealers

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

Jun 28, 2017

On June 28, 2017, the Public Company Accounting Oversight Board (PCAOB) published a staff inspection brief that previews results of the 2016 inspections of auditors of brokers and dealers.

PCAOB inspectors continued to observe impaired auditor independence as auditors were involved in the preparation of the financial statements or accounting records of their audit clients.

Inspections staff also continued to observe deficiencies in financial statement audit areas similar to previous inspection cycles, including revenue recognition, financial statement presentation and disclosures, and the assessment of risks of material misstatement due to fraud. In addition, PCAOB inspectors observed that auditors did not sufficiently assess relationships and transactions with related parties.

View the press release and the related staff inspection brief on the PCAOB's web­site.

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