[The following paragraph is effective for fiscal years beginning before December 15, 2024. See PCAOB Release No. 2024-004. The paragraph effective for fiscal years beginning on or after December 15, 2024 can be found here.]

6.     An auditor who performs an examination engagement pursuant to this standard must:

1. Have adequate technical proficiency in attestation engagements;
2. Obtain an understanding of the financial responsibility rules and other rules and regulations that are relevant to the broker's or dealer's assertions;
3. Determine the auditor's compliance with independence and ethics requirements; and
4. Exercise due professional care, which includes application of professional skepticism, in planning and performing the examination and the preparation of the report.

[The following note is effective for audits of fiscal years ending on or after December 15, 2024. See PCAOB Release No. 2022-002(PDF). The note effective for fiscal years ending on and before December 14, 2024, can be found here.]  

Note: Due professional care imposes a responsibility on each engagement team^10A/ member to comply with this standard. The exercise of due professional care requires critical review at every level of supervision of the work done and the judgment exercised by those assisting in the engagement, including preparing the report.^11/

[The following note is effective as of December 31, 2016. See PCAOB Release No. 2015-002(PDF). The note effective before December 31, 2016, can be found here.] 

Note: AS 1215, Audit Documentation, establishes the documentation requirements for examination engagements performed pursuant to this standard.