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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 remained unacceptably high from the PCAOB's viewpoint.
 
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.
 
Attendees in this PCAOB auditing standard CPE event will earn 2 CPE Event Hours (YB). A certificate of completion will be provided.
 
Don't miss this opportunity to enhance your understanding of PCAOB inspection process and refine your audit practice to meet regulatory requirements. Register now to equip yourself with the necessary skills for successful external auditing in the dynamic regulatory landscape.

  • Details on Event Presentation

    Offered every six weeks on Wednesdays at 1:00 p.m. to 3:00 p.m. Central Time in two CPE-Credit event.

    We can schedule private events on your timetable for two or more attendees.

    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

  • 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

  • Summary of the Subject Matter

    This CPE event "PCAOB Broker Dealer Inspections" represents a vital resource for professionals seeking comprehensive insights into the regulatory landscape surrounding broker-dealer inspections overseen by the Public Company Accounting Oversight Board (PCAOB).

    This event was developed by our Big 4 auditors and provides a deep dive into the essential components of broker-dealer inspections, equipping industry practitioners with the knowledge necessary to navigate the complexities of regulatory compliance within this specialized domain.

    Key areas covered in this event may include:

    • Regulatory Framework Overview: An extensive examination of the regulatory framework governing broker-dealer inspections, providing professionals with a clear understanding of the compliance standards and reporting requirements set forth by the PCAOB.

    • Inspection Procedures and Considerations: Insights into the specific procedures and considerations involved in conducting broker-dealer inspections, emphasizing the meticulous examination of financial records, risk assessment, and compliance with regulatory mandates.

    • Audit and Reporting Obligations: Guidance on audit obligations and reporting requirements, highlighting the critical criteria for conducting thorough and compliant broker-dealer inspections.

    • Emerging Trends and Best Practices: Discussions on emerging trends and best practices within the context of broker-dealer inspections, addressing contemporary challenges and opportunities in maintaining regulatory adherence and operational excellence.

    By addressing these critical elements, the CPE event seeks to empower professionals with the knowledge and tools necessary to uphold regulatory compliance, elevate the quality of broker-dealer inspections, and cultivate a culture of transparency and accountability within the industry.

  • Authoritative Sources

    Here are some authoritative sources to further expand your knowledge after attending the PCAOB Broker Dealer Inspections CPE event:

    • Public Company Accounting Oversight Board (PCAOB): The official PCAOB website offers detailed reports, insights, and updates related to inspection findings, providing firsthand information on the latest trends and best practices in audit quality.
    • Deloitte: Deloitte's publications often include analyses and summaries of PCAOB inspection reports, offering a deep dive into the implications of these reports for audit firms and the broader financial industry.
    • PwC: PwC regularly publishes thought leadership pieces and insights on PCAOB inspection reports, shedding light on emerging issues and the impact on audit practices.
    • KPMG: KPMG's resources include perspectives on PCAOB inspection reports, providing valuable commentary and analysis to help stakeholders understand the implications and takeaways from these reports.

    These sources can serve as valuable references for attendees looking to delve deeper into the insights and implications gleaned from the PCAOB Inspection Reports Recap CPE event, fostering a deeper understanding of audit quality and regulatory compliance within the PCAOB audit industry.

$140.00Price
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