October 11, 2017

CAQ Alert #2017-05 - Select Auditing Considerations for the 2017 Audit Cycle for Brokers and Dealers

CAQ Alert #2017-05, Select Auditing Considerations for the 2017 Audit Cycle for Brokers and Dealers, provides considerations for the 2017 audit cycle that may be relevant for audit and attestation engagements of brokers and dealers registered with the US Securities and Exchange Commission (SEC), including areas that have recently been the subject of attention and focus by the PCAOB in its interim inspection process.

Select Auditing Considerations for the 2017 Audit Cycle for Brokers and Dealers covers the following topics:

  1. Auditor Independence
  2. Risk of Material Misstatement Due to Fraud
  3. Revenue Recognition
  4. Financial Statement Presentation and Disclosure
  5. Related Party Transactions
  6. Auditing Information Produced by a Service Organization
  7. Supplemental Information
  8. Examination Engagements
  9. Review Engagements
  10. Engagement Quality Reviews
  11. The Securities Investor Protection Corporation (SIPC) Rule 600

A separate CAQ publication, Select Auditing Considerations for the 2017 Audit Cycle, contains a number of auditing considerations, including planned focus areas of PCAOB inspections in the 2016 audit cycle, some of which are applicable to audits of brokers and dealers.