The Public Company Accounting Oversight Board voted Thursday to adopt two attestation standards pertaining to audits of brokers and dealers, along with an auditing standard for broker-dealer audits.
The new standards are part of an effort to protect customer funds by enhancing the quality of compliance information provided to the Securities and Exchange Commission and used in its regulatory oversight of broker-dealers. They come in response to recent scandals at a number of financial services firms, such as MF Global, Peregrine Financial Group and Bernard L. Madoff Securities, where lax auditing and financial chicanery allowed customer funds to be misappropriated.
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