A review of auditors that examine broker-dealers has unearthed an array of deficiencies in the process the firms use to evaluate their clients, including numerous of infractions that could amount to violations of SEC or FINRA rules.
Officials with the Public Company Accounting Oversight Board (PCAOB) stressed that the findings released on Monday only constitute an interim report that drew on an admittedly small sample size. For this preliminary review, the board examined 10 audit firms and reviewed 23 individual audits. All of the audits involved broker-dealer firms with net capital of less than $1 million.
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