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
Speakers
Mike Walters, Regional Associate Director, Division of Registration and Inspections, PCAOB
Detailed Learning Objective
DETAILED LEARNING OBJECTIVES
• Understand PCAOB publications and guidance relevant to audits of broker-dealers
• Identify appropriate sources of audit evidence for brokerage revenue streams such as 12b-1 fees
• Evaluate revenue recognition considerations under ASC 606 in broker-dealer retainer fee arrangements
• Recognize common PCAOB inspection findings related to journal entry testing and fraud-risk procedures
• Understand new disclosure requirements under ASU 2023-7 for segment reporting and CODM communications
• Identify frequent deficiencies in auditing related-party transactions under PCAOB AS 2410
• Evaluate risks associated with allocation methodologies used by related parties in broker-dealer operations
• Understand auditor responsibilities when reviewing exemption reports under AT No 2
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