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Auditors of Nonpublic Broker-Dealers

Tuesday, September 28, 2010

……the SEC’s exemption permitting nonpublic broker dealer firms to have their financial statements audited by independent public accounting firms not registered with the PCAOB expired on Dec. 31, 2008. The SEC’s exemption was initially by order issued Aug. 4, 2003, and subsequently extended three times. The extension, issued as a result of amendments to §17(e)(1)(A) of the Securities Exchange Act of 1934 by the Sarbanes-Oxley Act, was based on the fact that application of registration requirements and procedures to auditors of nonpublic broker-dealers was still being considered.

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