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PDP Live Webcast Series 2011: Financial Reporting Update for Broker-Dealers
Start Date (Local)
10/4/2011 3:00:00 PM Eastern (EST/EDT)
10/4/2011 4:00:00 PM Eastern (EST/EDT)
Field of Study
Accounting -- 1 Credit
On June 15, 2011, the Securities and Exchange Commission proposed significant changes to the broker-dealer financial reporting rule, Rule 17a-5 under the Securities Exchange Act of 1934. Growing out of the Madoff fraud and other Ponzi schemes, the proposed changes are intended to improve safeguards over customer assets, strengthen audits of broker-dealers, and improve the SEC’s oversight of the way broker-dealers handle their customers’ securities and cash.
Among other things, the proposed new rules would:
·Revise the existing reporting requirements under Rule 17a-5 and create new reporting requirements.
·Facilitate the ability of the Public Accounting Oversight Board ("PCAOB") to implement oversight of broker-dealers' independent public accountants.
·Require carrying broker-dealers to consent to allow the SEC and designated examining authorities ("DEAs") access to broker-dealers' independent public accountants' audit working papers and to discuss their findings with respect to annual audits of the broker-dealers.
· Enhance the SEC and DEAs' oversight of broker-dealers' custody practices by requiring broker-dealers to provide information regarding custodial activities on new "Form Custody."
· Eliminate potentially redundant requirements for certain broker-dealers affiliated with, or that are registered as, investment advisers.
In addition, on July 12, 2011, the Public Company Accounting Oversight Board released two new proposed auditing standards to govern the revised reporting requirements under 17a-5 and the auditing of certain supplemental schedules including those required by broker dealers.
Participants will be introduced to the proposed changes to the financial reporting rule for broker-dealers.