PCAOB Publishes Staff Inspection Brief Detailing Scope of 2017 Inspections of Auditors of Broker-Dealers

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Jun 29, 2017

On June 29, 2017, the Public Company Accounting Oversight Board (PCAOB) issued a staff inspection brief detailing the scope, focus, and objectives of its ongoing 2017 inspections of auditors of brokers and dealers.

In 2017, PCAOB inspectors are focusing on audit areas and attestation procedures where inspectors previously found deficiencies, including auditor independence, engagement quality reviews, and certain areas of the financial statement audit (including revenue, the assessment and response to risks of material misstatement due to fraud, financial statement presentation and disclosure, fair value measurements, and related party transactions).

During the 2017 inspection cycle, the PCAOB plans to inspect 75 firms that audit broker-dealers, covering portions of 115 audits and the related attestation engagements for these broker-dealers. That number includes four firms that audit more than 100 broker-dealers, 16 firms that audit 21 to 100 broker-dealers, and 55 firms that audit one to 20 broker-dealers.  .

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

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