PCAOB to Consider Adopting Standards for Broker-Dealer Audits and Auditing Supplemental Information

The Public Company Accounting Oversight Board has scheduled an open meeting for 9:30 a.m. on Thursday, Oct. 10, to consider adopting attestation standards for auditors of brokers and dealers, an auditing standard for supplemental information, and related amendments to other PCAOB standards.

At the open meeting, the Board will consider two attestation standards related to the auditor's examination of compliance reports and review of exemption reports of broker-dealers.

Further, the Board will consider a new standard on auditing supplemental information that accompanies financial statements audited in accordance with PCAOB standards.

The Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Sarbanes-Oxley Act to, among other things, authorize the PCAOB to oversee the audits of broker-dealers registered with the SEC. On July 30, 2013, the SEC amended Rule 17a-5 to require, in part, that audits of broker-dealers' financial statements and supplemental information, and examinations of broker-dealers' compliance reports, and reviews of broker-dealers' exemption reports be conducted by firms registered with the PCAOB and in accordance with PCAOB standards.

The Board initially proposed the attestation standards and auditing standard on July 12, 2011.

The meeting is open to the public and will take place in the Board's meeting room at 1666 K St. NW, Washington, DC. A webcast via a link on the PCAOB website will be made available the day of the meeting. The meeting also will be available via podcast later in the day.