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PCAOB Proposes to Amend Rules and Forms Related to Auditors of Brokers and Dealers


Public Company Accounting Oversight Board today proposed amendments to its rules and forms to apply them to auditors of brokers and dealers registered with the Securities and Exchange Commission, as authorized by the Dodd-Frank Act. The proposed amendments would include references to audits and auditors of brokers and dealers in relevant Board rules. The proposal would also make the Board’s auditing standards, including most of the Board’s ethics and independence requirements, applicable to broker dealer audits, once the SEC provides direction that auditors of brokers and dealers are to comply with PCAOB standards.

In addition, the amendments would change PCAOB registration, withdrawal and reporting forms to, among other things, require that auditors of brokers and dealers identify annually each audit report issued for a broker or dealer. PCAOB rules require similar reporting by auditors of public companies.

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