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PCAOB Guidance Issued for Audits of Broker-Dealers

Assisting auditors of brokers and dealers registered with the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board (“PCAOB”; “the Board”) has issued Staff Guidance for Auditors of SEC-Registered Brokers and Dealers (“the Guidance”). Effective for fiscal years ending on or after June 1, 2014, the Guidance will help auditors complete audits in line with the Board’s standards required by the Dodd-Frank Act and SEC. During the transition period, auditors can reference the Guidance to note any requirements for SEC-registered broker-dealer audits and attestation engagements. Additionally, the new Guidance offers assistance on implementing PCAOB standards to such engagements, and details key provisions of SEC Rule 17a-5, as well as standards and rules related to audits of broker-dealers.

For the Guidance’s press release, visit the PCAOB website.

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