Abstract
SUMMARYOver the past decade, there have been significant changes to the regulatory environment for broker-dealer (BD) audits, as it shifted from private to public oversight. These changes unfolded in stages, from required PCAOB registration, to interim inspections under long-standing AICPA auditing and attestation standards, to proposal and finalization of new SEC and PCAOB standards, and finally to inspections under PCAOB auditing/attestation standards. This paper summarizes these events and their implications for both the auditing profession and BD audit quality, highlighting progress made, continuing issues, and research opportunities.
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