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Accountancy Slice
North America
PCAOB issues new broker-dealer guidance for auditors

The PCAOB has published a new staff document titled "Broker-Dealer Audit Focus: Review Engagements Regarding Exemption Reports," targeting auditors of broker-dealers. The publication addresses ongoing deficiencies in review procedures mandated by Attestation Standard No. 2, which has been in effect since 2013. The standard outlines the requirements for auditors reviewing exemption reports prepared under SEC rules. Auditors must plan their review engagements in conjunction with financial statement audits, ensuring moderate assurance through diligent inquiries. The PCAOB aims to identify any conditions that may lead to misstatements in broker-dealer assertions. This document is part of a broader initiative to enhance audit practices for SEC-registered broker-dealers, following the PCAOB's expanded authority under the Dodd-Frank Act of 2010.

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