The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 vested the PCAOB with expanded oversight of the auditors of brokers and dealers registered with the U.S. Securities and Exchange Commission. The PCAOB has registration, inspection, standard-setting, and disciplinary authority over the auditors of broker-dealers.
When broker-dealers file their annual reports with the SEC, they are required to include their financial statements and supporting schedules, along with audit reports thereon prepared by PCAOB-registered public accounting firms.
Broker-dealers also are required to file compliance or exemption reports, along with examination or review reports that are prepared by the same firms that prepared the audit reports. The audits, examinations, and reviews are required to be performed in accordance with PCAOB standards.