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Broker-Dealer Audits Improve But Revenue Recognition a Struggle

Aug. 19, 2021, 7:05 PM

Accounting firms improved their reviews of brokerages in the last year as the number of firms with clean inspections doubled, the U.S. audit regulator said Thursday.

Fourteen accounting firms that review the financial reporting of broker-dealers had no deficiencies in 2020. The number of firms with at least one broker-dealer audit or related review that didn’t meet U.S. audit rules dropped to 51 compared with 59 the year before, according to the Public Company Accounting Oversight Board’s annual report detailing brokerage inspection results.

  • Inspectors found deficiencies in 61% of all broker-dealer audits examined, a ...