SEC shores up audit requirements for broker-dealers

The Securities and Exchange Commission added rules meant to protect investors, requiring broker-dealers to file certain reports verifying compliance with capital requirements or to certify that they are exempt, and to engage a Public Company Accounting Oversight Board-registered independent public accountant to review the reports and examine their financial statements, among other requirements. The rules go into effect next year, and their effect on investment advisers is still unclear.

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Journal of Accountancy online · Financial Advisor online

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