Understanding Sarbanes-Oxley, What is Different After December 2013 [NOOK Book]

Overview

The Public Company Accounting Oversight Board has approved amendments, as well as certain updates and clarifications, to tailor certain of its rules to the audits and auditors of brokers and dealers registered with the Securities and Exchange Commission, as authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"Today's vote to conform the PCAOB's rules to Dodd-Frank's expansion of the Board's authority represents another step in the Board's implementation of our responsibility to oversee ...

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Understanding Sarbanes-Oxley, What is Different After December 2013

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Overview

The Public Company Accounting Oversight Board has approved amendments, as well as certain updates and clarifications, to tailor certain of its rules to the audits and auditors of brokers and dealers registered with the Securities and Exchange Commission, as authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"Today's vote to conform the PCAOB's rules to Dodd-Frank's expansion of the Board's authority represents another step in the Board's implementation of our responsibility to oversee registered firms that audit brokers and dealers," said PCAOB Chairman James R. Doty.

The amendments insert references to audits and auditors of broker-dealers in relevant Board rules, and call for broker-dealer audit client information on the Board's registration, withdrawal, and reporting forms (PCAOB Forms 1, 1-WD, 2, 3, and 4).

The amendments also require that registered firms that audit broker-dealers comply with certain of the Board's professional practice standards; update a number of Board rules and forms based on the Board's experience administering and enforcing PCAOB rules; and make certain updates to the Board's ethics and independence requirements.

The Dodd-Frank Act amended the Sarbanes-Oxley Act to, among other things, give the PCAOB oversight authority for the audits of brokers-dealers registered with the SEC.

The Board initially proposed the conforming amendments in February 2012.
If approved by the SEC, the amendments to the PCAOB's rules, Ethics Code, and membership requirements of the American Institute of Certified Public Accountants SEC Practice Section (AICPA SECPS) will take effect on June 1, 2014.

The amendments to Forms 1, 1-WD, 3, and 4 will take effect on July 1, 2014. The amendments to Form 2 will take effect April 1, 2015.

The final amendments and Board statements from the open meeting will be available on the PCAOB website under Rulemaking Docket No. 039. An archive of the webcast and a podcast of the Board meeting also will be available later on the PCAOB website.

Statement on Amendments to Conform PCAOB Rules and Forms to the Dodd-Frank Act and Make Certain Updates and Clarifications

SPEAKER: James R. Doty, Chairman
EVENT: PCAOB Open Board Meeting
LOCATION: Washington, DC

The Dodd-Frank Act amended the Sarbanes-Oxley Act to provide the Board with authority to carry out the same types of oversight programs for audits of brokers and dealers that it has carried out with respect to audits of issuers.

Conforming our rules and forms to the Dodd-Frank Act's amendments is an important step in the Board's implementation of its responsibility to oversee the audits of brokers and dealers.

While many of the amendments before us simply conform our rules and forms to Dodd-Frank and the SEC's Rule 17a-5, the PCAOB had discretion with respect to some of them to determine how to apply its regulatory requirements to broker-dealer audits.

In those areas, I believe the recommended changes reflect the continued, thoughtful, and measured approach to oversight of broker-dealer audits that began with our interim inspection program.

Although the primary goal is to make the PCAOB's rules apply to audits of brokers and dealers, the amendments before the Board today will conform the Board's rules to other significant provisions of the Dodd-Frank Act.

These include reflecting in our rules the Board's authority to share certain otherwise confidential documents with self-regulatory organizations and clarifying the Board's enforcement jurisdiction over persons formerly associated with registered public accounting firms.

I want to thank Nancy Doty and Vince Meehan of our Office of the General Counsel for bringing these proposed changes forward. I would also like to thank the SEC staff for their assistance and close consultation in this effort.

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Product Details

  • BN ID: 2940045547932
  • Publisher: George Lekatis
  • Publication date: 12/28/2013
  • Series: Understanding Sarbanes-Oxley , #9
  • Sold by: Smashwords
  • Format: eBook
  • File size: 3 MB

Meet the Author

George Lekatis is the General Manager of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 18 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills.George is the president of the Basel ii Compliance Professionals Association (BCPA, basel-ii-association.com), the largest association of Basel ii professionals in the world, and the Basel iii Compliance Professionals Association (BiiiCPA, basel-iii-association.com), the largest association of Basel iii professionals in the world.George is also president of the Sarbanes Oxley Compliance Professionals Association (SOXCPA, sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the worldGeorge is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.
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