Auditors of Brokers and Dealers to Participate in PCAOB Forum

Jack Humphrey, Regulatory journalist
July 01, 2011 /

The Public Company Accounting Oversight Board (PCAOB) has announced a preliminary agenda for its first Forums on Auditing Smaller Brokers-Dealers, with the dates having been confirmed at the same time.

With these forums, registered public accounting firms operating in the smaller broker-dealer community will have the opportunity to interact with PCAOB Board members and staff and to learn more about the PCAOB according to the US standard-setter.

These forums will also provide time for PCAOB to hear the comments and concerns of auditors working with smaller brokers and dealers.

They “are designed specifically for those auditors who are registered with the PCAOB because they audit brokers or dealers or auditors with both small business and broker-dealer clients,” PCAOB said in a statement.

James R. Doty, PCAOB Chairman, said: “We see these forums as an excellent opportunity to meet with auditors of smaller broker-dealers.

“These forums will be interactive. Auditors will learn about the PCAOB’s programs and important practice issues and the PCAOB will gain insights from the participants about the current issues and challenges facing the smaller broker-dealer community.”

The 2011 forum agenda will include overview of PCAOB programs, interim inspection, program for audits of brokers and dealers, overview of the inspection process, auditing standards applicable to audits of brokers and dealers.

“In addition, as with the PCAOB’s Forums on Auditing in the Small Business Environment, we hope to include a section with presentations by other regulators who have authority over the broker-dealer industry,” PCAOB said.

Each Forum for Auditors of Brokers and Dealers will be hosted by a member of the PCAOB Board and open to PCAOB-registered firms. Attendees also have the opportunity to earn continuing professional education credits.

PCAOB intends to gain feedback from these forums, which will aid in determining the appropriate scope of its permanent inspection rules and understanding and considering the unique needs and challenges of the auditors of smaller broker-dealers and their clients in its inspection and standard-setting process.


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