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PCAOB issues third progress report on interim inspection program for broker-dealers

  • PCAOB (US Public Company Accounting Oversight Board) Image

Aug 20, 2014

The PCAOB has issued its third progress 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 2013.

The deficiencies noted by the PCAOB primarily concerned “financial statement audit areas, including auditing revenue recognition, the auditor's response to the risk of material misstatement due to fraud, and audit procedures to rely on records and reports from service organizations, as well as areas specific to the audits of broker-dealers, including auditing the net capital computation and the audit work performed for the auditor's report on material inadequacies.”

For more information, see the press release and progress report on the PCAOB’s Web site.

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