Regulators have been clamping down on auditors of broker-dealers in recent years in response to the lack of meaningful audits of Bernard Madoffs investment firm and other scandals uncovered during the financial crisis.
As part of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act of 2010, Congress gave the Public Company Accounting Oversight Board expanded authority to conduct inspections of audit firms that service broker-dealers.
Unfortunately the PCAOB has continued to find a
Now, a new report from Thomson Reuters examines the changes in the PCAOBs standards for broker-dealers audits. The special report,
In addition, the second edition of
Michael Cohn is the editor-in-chief of AccountingToday.com.
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