Broker-dealers struggle with record keeping, PCAOB says

08/22/2014 | InvestmentNews (free registration)

Broker-dealers continue to show poor record keeping in evaluating net capital, fraud risks, customer protection and fair value estimates, among other areas, according to the Public Company Accounting Oversight Board in its third progress report on broker-dealer auditors. "We again urge firms that audit broker-dealers to re-examine their audit approaches, and we remind firms that independence rules applicable to broker-dealer audits prohibit bookkeeping or financial statement preparation by the auditor," said Robert Maday, head of the broker-dealer inspection program for the PCAOB.

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