Broker-Dealer Audit Rules Update Self-Study Webinar
Overview
In this informative self-study webinar, you will quickly be brought up to speed on the PCAOB’s latest reports and inspections related to audits of broker-dealers, and gain a number of useful tips and valuable insights to stay current and compliant.
AGENDA HIGHLIGHTS
• Relevant PCAOB Publications
• Recent Inspection Results
• Financial Statement Areas
– Revenue presentation and disclosure scenario
– Journal entry testing scenario
• Review & Examination Engagements
• Noncompliance with PCAOB Standards
• Insights Into the Interim Inspection Program
– Insufficient understanding of the broker-dealer industry
– Lack of professional skepticism
– Lack of rigor in risk assessment
– Overreliance on standardized audit programs
– Ineffective EQR
– Inexperience with PCAOB standards
– Pace of auditor changes
– Audit fees and deficiency rates
• Inspections Update
Objective
To equip broker-dealer auditors with up-to-date, firsthand insight from a PCAOB inspection leader on current inspection findings, evolving standards, and practical steps firms can take to strengthen audit quality and prepare for upcoming inspection activity.
DETAILED LEARNING OBJECTIVES
• Describe the purpose and objectives of the PCAOB inspection process
• Identify common audit deficiencies identified during PCAOB inspections
• Distinguish inspection deficiencies from conclusions that financial statements are materially misstated
• Explain how PCAOB inspections promote audit quality and consistent application of auditing standards
• Recognize the importance of professional skepticism and obtaining sufficient appropriate audit evidence
• Identify the scope of the PCAOB's authority over public company and broker-dealer audits
• Explain how inspection observations can be used to improve audit methodologies and future audit performance
• Recognize indicators of recurring inspection deficiencies and identify areas requiring remediation
Emphasis
- Overview of PCAOB publications relevant to broker-dealers
- Results and observations from 2024 inspections, including relevant examples:
– Audits of broker-dealer financial statements and supplemental information
– Reviews of broker-dealer exemption reports
– Examinations of broker-dealer compliance reports - Updates to ASC 280 segment reporting requirements per ASU 2023-7
- AS 2410: standards for related party transactions
- Status of 2025 inspection activities
Speakers
Mike Walters, Regional Associate Director, Division of Registration and Inspections, PCAOB
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