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PCAOB amends rules for broker-dealer audit oversight and proposes transparency improvements

  • PCAOB (US Public Company Accounting Oversight Board) Image

Dec 05, 2013

During its meeting on Wednesday, the PCAOB approved final guidance on conforming amendments to the Dodd-Frank Act related to broker-dealer audits. The PCAOB also approved the issuance of reproposed amendments designed to improve transparency of auditor reports.

After considering comments on the February 2012 proposal to update its rules to conform them with the Dodd-Frank Act amendments, the PCAOB voted during its meeting Wednesday to amend certain of its rules pertaining to the audits and auditors of brokers and dealers. These amendments consist of conforming amendments that reflect technical modifications to the Board's rules to align them with the provisions enacted in the Dodd-Frank Act. The amendments also "require that registered firms that audit brokers and dealers comply with certain of the Board's professional practice standards, update a number of Board rules and forms in light of administrative experience, and make certain updates to the Board's Ethics Code." If these amendments are approved by the SEC, the "amendments to the PCAOB's rules, SECPS membership requirements, and Ethics Code will take effect on June 1, 2014. The amendments to Forms 1, 1-WD, 3, and 4 will take effect July 1, 2014. The amendments to Form 2 will take effect April 1, 2015."

For more information, please see the following on the PCAOB's Web site:

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