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PCAOB Broker Dealer Inspections

PCAOB Broker Dealer Inspections

The PCAOB has performed inspections of firms that audit broker-dealers since the inception of the
interim inspection program in 2011, and 2021 marked the 11th year of these inspections. While inspection results over that period indicate that the quality of broker-dealer audit and attestation engagements has improved, the overall deficiency rates remain unacceptably high.


This event covers the key observations from PCAOB 2021 inspections of external auditing firms that audit broker-dealers include the following:


  • The percentage of firms inspected remained high
  • The percentage of audit engagements reviewed where deficiencies where identified declined
  •  There are still a high number of inspections that report deficiencies with auditing revenue
  • The detail deficiencies where identified by the PCAOB inspections


This timely, two hour morning CPE training event is designed for the CPA firm staff members who will be working on PCAOB regulated audits. The attendees will learn the findings that the PCAOB have disclosed in their annual report on the broker dealer inspectin program.


Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.

  • Details on Event Presentation

    Being offered on Wednesdays every six weeks at 10:00 a.m. to 12:00 noon Central Time.

    We can schedule private events on your timetable for two or more attendees.
  • CPE Event Highlights

    Based on the PCAOB Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers - 2022:

    • Percentage of firms with engagement deficiencies is consistent

    • Financial audit engagements show a 20% decline in deficiencies

    • Internal controls over compliance (ICOC) are still a major concern for the PCAOB

    • Quality Control System deficiences are declining

    • No SEC independence rule violations were noted


  • Learning Objectives

    Attendees will:

    • Improve their efficiency and effectiveness

    • Understand the PCAOB's key compliance concerns

    • Review the isssues within Examination Engagements
    • Review the isssues within Review Engagements

    • Review the issues within the Auditing Financial Statements

    • Understand the details of recent enforcement activities

    • See the need for supervision
    • Understand the PCAOB documentation requirements

  • Key Issues on the Agenda

    Introductions and Administrative Items
    Section 1 - PCAOB 2022 Annual Report

    • High points of the PCAOB report
    • Examination engagements
    • Review engagements
    • Audit engagements
    • Supplemental Information
    • Non-compliance with PCAOB Standards
    • Quality Control Systems

    Section 2 - PCAOB Enforcement Activities

    Section 3 - Going Forward

  • NASBA Program Disclosure

    Program Level of Understanding: Basic
    Prerequisites: None
    Advance Preparation: None
    Delivery Format: Group Internet Based
    NASBA Field(s) of Study: Auditing
    CPE Credits: 2, based on 50 minutes of instruction per hour

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