The PCAOB’s “Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers” (Annual Report) provides:
- Information about our 2022 inspections approach;
- A summary of our 2022 inspections observations;
- A description of “good practices,” which include brief scenarios and possible procedures that may be effective to address those scenarios; and
- Recommended actions for firms.
Generally, the inspection results of firms that audited 100 or fewer broker-dealers continued to reflect higher percentages of audit engagements with deficiencies, compared to firms that audited more than 100 broker-dealers.
In addition to descriptions of deficiencies, this Annual Report highlights actions that we recommend firms take to improve broker-dealer audit quality, and we provide examples of good practices.4 These recommended actions and good practices are focused on topics where deficiencies are persistently high or increasing.
Click here to view the Annual Report.