Adoption of Dodd-Frank Provisions for Broker-dealer Audits Underway

Jack Humphrey, Regulatory journalist
June 09, 2011 /

The Public Company Accounting Oversight Board (PCAOB) is set to consider the adoption of interim inspection program for broker-dealer audits and broker-dealer funding rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

On June 14, PCAOB will meet in an open gathering to consider adopting certain rules to begin implementation of its expanded oversight responsibilities for audits of brokers and dealers under the Dodd-Frank Act.

Adoption of the rules aims to establish an interim inspection program for registered public accounting firms’ audits of brokers and dealers, PCAOB noted.

The rules to be considered are related to assessing and collecting a portion of PCAOB’s accounting support fee from brokers and dealers in order to fund PCAOB oversight of audits of brokers and dealers, consistent with the Dodd-Frank Act.

At the same time, PCAOB will also consider adopting certain amendments to its existing funding rules related to issuers.

The rules on these topics were proposed on December 14 last year after it approved the budget for the fiscal year 2011 that scaled up to include its oversight responsibilities for brokers and dealers. The comment period ended on February 15, 2011.

The Tuesday meeting is open to the public and will take place in the PCAOB meeting room at 1666 K St. N.W., Washington, D.C. It will be Webcast via a link on the PCAOB Web site, and available via podcast later in the day.


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