PCAOB Posts 2019 Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers

The PCAOB posted to its website today the 2019 Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers(PDF). The report provides a summary of our inspection results from 2019 as well as information auditors can use to improve audit quality.

While our 2019 inspections revealed modest improvement in the rate of deficiencies, we continue to see a high rate of deficiencies in certain areas of engagement performance. We highlight in the report that auditors of brokers and dealers should focus their efforts on improving their system of quality control, which can serve to prevent engagement deficiencies from occurring.

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About the PCAOB

The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers, including compliance reports filed pursuant to federal securities laws.