Review of 23 Broker-Dealer Audits Reveals Deficiencies in All of Them, PCAOB Says

The Public Company Accounting Oversight Board reviewed 10 audit firms, covering portions of 23 audits of brokers and dealers registered with the Securities and Exchange Commission, and found deficiencies in all of the audits inspected.

That is according to the board’s first report on the progress of its interim inspection program for auditors of brokers and dealers, which it is developing in response to mandates of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

“The findings tell us that there is a need for improvement in the audit work being performed, and that other auditors or broker-dealers ...