News | 10.31.19
Senators Introduce Bill to Ease Audit Requirements for Small Brokerages
A bipartisan group of senators introduced legislation Wednesday that would exempt small, privately held broker-dealers that do not hold client funds from having to hire an audit firm registered with the Public Company Accounting Oversight Board (PCAOB). Under the legislation, small brokerages in good standing with securities regulators could resume having their annual audits conducted by firms that follow generally accepted auditing standards created by the American Institute of Certified Public Accountants. Dodd-Frank requires all broker-dealers to hire a PCAOB-approved audit firm, which many small brokers say is costly.
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