Annual broker dealer audits and consistent reporting show that broker dealers are compliant with regulations established to protect investors. Broker dealers should implement their own internal investigations to prove their commitment to investors, but tax and audit services are the primary external tool to verify their practices.
broker dealer audit
Look Out for Broker Dealer Audit Deficiencies in These Areas
Every year, the Public Company Accounting Oversight Board (PCAOB) releases a report of broker dealer audit findings under its interim inspection program. For nine years in a row, the report indicated a high level of broker dealer audit deficiencies in certain areas of engagement performance. The importance of the PCAOB’s oversight The PCAOB exists to […]
It’s Easy to Prepare for a Successful Broker Dealer Audit
Your broker dealer audit is easy to prepare for if it’s treated as a work-in-progress throughout your company’s fiscal year. Viewing it as an ongoing project requires your business to stay compliant with current guidelines and regulations. This means implementing new measures as they come, reducing large scale interruptions to your business. Part of preparing […]
A Quick Guide to Your First Broker Dealer Audit
The requirements for broker dealer audits exist to protect investors from unregulated activity. Though broker dealers are expected to conduct their own internal investigations, external entities agencies are necessary for objectivity. Once a year, investment advisory and venture capital firms that are registered with the Public Company Accounting Oversight Board (PCAOB) must audit their broker […]
Small Broker Dealer Firms: Audit Tips
The word audit immediately brings a sense of dread to your small broker dealer firm. Do not worry, rather, take action. Being prepared is the best way to handle an upcoming audit. The standards of the audit must meet all the criteria set by the Public Company Accounting Oversight Board (PCAOB). Protecting the rights of […]
Broker Dealer Audit Deficiencies – No End in Sight
A problem that shows no signs of improvement is the high level of deficits in broker dealer audits. The PCAOB (Public Company Accounting Oversight Board) report that found inspections staff deficiencies at the 66 firms reviewed in 2014. The State of Broker Dealer Audits The examination conducted under the United States audit watchdog interim inspection program found that 87%, […]