Auditors of broker-dealers must revise their audit procedures because they are now subject to the PCAOB’s rigorous standards for risk assessment, audit committee communication, engagement quality review, and engagement completion documentation.
The special report is available for download at no cost.
In addition, the second edition of PPC’s Practice Aids for Audits of Broker-Dealers has been substantially revised to reflect these new requirements. The practice aids are used in performing effective and efficient audits of non-public, non-carrying broker-dealers in accordance with PCAOB standards. They contain audit programs, checklists, confirmation and correspondence letters, and report illustrations developed by CPAs with extensive experience performing broker-dealer audits.
“The SEC and PCAOB have taken actions that drastically affect both broker-dealer reporting and how audits will be conducted,” said Cheryl Hartfield, an executive editor in the Tax & Accounting business of Thomson Reuters and author of the special report. “Because of this, broker-dealer auditors who don’t already audit issuers have their work cut out for them. Having practice aids tailored specifically for performing broker-dealer audits in accordance with PCAOB standards will be critical to ensuring compliance with the complex auditing and reporting requirements.”
Thomson Reuters offers many other resources to help users navigate these complex rules and requirements, including the following:
AdvanceFlow — The first audit management application that combines the convenience of the cloud with enterprise-level processing power.
PPC’s Guide to PCAOB Audits — Specifically tailored to meet PCAOB and SEC requirements, this resource includes all the guidance and practice aids needed to perform both an integrated audit and a financial statement audit.
PPC’s SMART Practice Aids — An innovative suite of products designed with the audit and accounting professional’s workflow in mind; it enables users to work more efficiently and effectively.
Standards Tracker — Enables users to organize standard-setting activity and guidance issued by the SEC, FASB, AICPA, COSO, PCAOB, GASB, and IASB into one chart, and review summarized information to see whether that activity has a potential impact on upcoming public filings.
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