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STAFF GUIDANCE FOR AUDITORS
咏雪文言文翻译OF SEC-REGISTERED BROKERS AND DEALERS
JUNE 26, 2014
gmac是什么INTRODUCTION
On July 30, 2013, the U.S. Securities and Exchange Commission ("SEC" or "Commission") adopted amendments to Rule 17a-5 under the Securities Exchange Act
of 1934 ("Exchange Act") ("SEC Rule 17a-5"),1 that, among other things, require audits
of brokers2 and dealers3 to be performed in accordance with the standards of the Public Company Accounting Oversight Board ("PCAOB" or "Board") for fiscal years ending on
or after June 1, 2014. Prior to the effective date of the amendments, tho audits were performed under generally accepted auditing standards.
On October 10, 2013, the PCAOB adopted two new attestation standards, Attestation Standard No. 1, Examination Engagements Regarding Compliance Reports
of Brokers and Dealers ("Attestation Standard No.1" or the "examination standard"), and Attestation Standard No. 2, Review Engagements Regarding Exemption Reports of
Brokers and Dealers ("Attestation Standard No. 2" or the "review standard"), along with
related amendments to certain PCAOB standards.4The attestation standards and
related amendments apply to registered firms conducting attestation engagements
vigilanterelated to broker and dealer compliance or exemption reports required by the SEC. The
Board also adopted a new auditing standard, Auditing Standard No. 17, Auditing 1See Exchange Act Rule 17 C.F.R. § 240.17a-5 and SEC Exchange Act Relea No. 70073, Broker-Dealer Reports, (July 30, 2013), 78 Federal Register 51910 (August 21, 2013) ("SEC Relea"), available at v/rules/final/2013/34-70073.pdf.
2According to PCAOB Rule 1001(b)(iii), the term "broker" means a broker (as
defined in Section 3(a)(4) of the Exchange Act) that is required to file a balance sheet,
income statement, or other financial statement under Section 17(e)(1)(A) of that Act,misfit
where such balance sheet, income statement, or financial statement is required to be certified by a registered public accounting firm.
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3According to PCAOB Rule 1001(d)(iii), the term "dealer" means a dealer (as
defined in Section 3(a)(5) of the Exchange Act) that is required to file a balance sheet,
income statement, or other financial statement under Section 17(e)(1)(A) of that Act,
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where such balance sheet, income statement, or financial statement is required to be certified by a registered public accounting firm.
少年派的奇幻漂流下载4See PCAOB Relea No. 2013-007, Standards for Attestation Engagements Related to Broker and Dealer Compliance or Exemption Reports Required
by the U.S. Securities and Exchange Commission and Related Amendments to PCAOB Standards (October 10, 2013), available at /Rules/Rulemaking/Docket035/PCAOB_Relea_2013_007.pdf.
Supplemental Information Accompanying Audited Financial Statements, and related amendments, which are applicable when the auditor reports on the supporting schedules of a broker or dealer.5Th
e standards and related amendments were approved by the SEC on February 12, 2014, and are effective for fiscal years ending on
or after June 1, 2014, which coincides with the effective date for the amendments to SEC Rule 17a-5.6
This publication was developed primarily for auditors of smaller brokers and dealers that have less complex operations. Becau some auditors of smaller, less complex brokers and dealers will be applying PCAOB standards for the first time, this publication includes "Getting Started," a chapter, which introduces the auditors to certain PCAOB standards and rules. This publication highlights relevant requirements
for SEC-required broker and dealer audits and attestation engagements and provides staff guidance on the application of PCAOB standards7 to the engagements.
This publication was prepared by staff of the PCAOB to help auditors plan and perform audits of brokers and dealers in accordance with PCAOB standards. It is not a standard or rule of the Board, nor has it been approved by the Board. While this publication summarizes and explains applicable rules and standards, it is not a substitute for any rule or standard itlf. Only the rule or standard itl
f can provide complete and definitive information regarding its requirements. Additionally, this publication highlights some of the significant provisions of SEC Rule 17a-5 and PCAOB standards and rules applicable to audits of brokers and dealers. It is not comprehensive, and auditors must comply with all applicable SEC rules and PCAOB 5See PCAOB Relea No. 2013-008, Auditing Standard No. 17, Auditing Supplemental Information Accompanying Audited Financial Statements and Related Amendments to PCAOB Standards(October 10, 2013), available at /Rules/Rulemaking/Docket036/PCAOB_Relea_2013_008.pdf.
6See SEC Exchange Act Relea No. 71524, Order Granting Approval of Propod Rules, Standards for Attestation Engagements Related to Broker and Dealer Compliance or Exemption Reports Required by the U.S. Securities and Exchange Commission and Related Amendments to PCAOB Standards, (February 12, 2014), available at v/rules/pcaob/2014/34-71524.pdf and SEC Exchange Act Relea No. 71525, Order Granting Approval of Propod Rules, Auditing Standard No. 17, Auditing Supplemental Information Accompanying Audited Financial Statements, and Related Amendments to PCAOB Standards, (February 12, 2014), available at v/rules/pcaob/2014/34-71525.pdf.
7The standards of the Board can be found on the PCAOB’s website at /Standards/
Pages/default.aspx.
standards and rules. Auditors should consult the SEC and PCAOB releas listed in
Appendix A of this publication for more information.
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TABLE OF CONTENTS
Chapter 1: Getting Started 3 SEC Rule 17a-5 Annual Report Requirements 3 PCAOB Standards and Rules 5 Chapter 2: Audits of Financial Statements and Audit Procedures Performed on Supporting Schedules 12 Overview of Audit Approach under PCAOB Standards 12 Auditing Considerations for Brokers and Dealers 13 Understanding the Broker or Dealer and Its Environment 14 Consideration of Fraud 16 Consideration of Materiality 17 Consideration of the Broker's or Dealer's U of Third Parties and Service Organizations 17 Audit Procedures Regarding Related Party Transactions 19 Coordinating the Audit of the Financial Statements with the Audit Procedures on the Supporting Schedules and the Attestation Engagements 20 Performing Audit Procedures on the Supporting Schedules 21 Communication Requirements 24 Reporting on an Audit of a Broker or Dealer 27 Example of an Auditor's Report with Unqualified Opinions on the Financial Statements and Supporting Schedules 29 Chapter 3: Examinations of Compliance Reports 31 Content of Compliance Reports 31 Relationship Between the Examination Engagement and the Audit of the Financial Statements and Audit Procedures Performed on the Supporting Schedules 33 Performing the Examination Engagement 33 Evaluating the Results of the Examination Procedures 44 Communication Requirements 48 Documenting the Work Performed 48 Reporting on the Examination Engagement 49 Example of an Examination Report with an Unqualified Opinion 53 Example of a Modified Examination Report—Material Weakness Existed During the Most Recent Fis
cal Year 55 Chapter 4: Reviews of Exemption Reports 57 Content of Exemption Reports 57 Relationship Between the Review Engagement and the Audit of the Financial Statements and Audit Procedures Performed on the Supporting Schedules 59
