Brokers and Dealers in Securities - Audit and Accounting Guide

The broker-dealer industry is undergoing significant change, which can add challenges for CPAs performing an audit, or for broker-dealers assessing their operations and internal controls for regulatory considerations.

This 2013 edition gives you the up-to-date industry-specific auditing, accounting and regulatory guidance you need to be able to tailor your auditing methodologies to align with the most current guidance. From new best practices to interpretive guidance to illustrative reports, this guide has you covered.

This new edition incorporates recently issued and effective standards and guidance, including:
• FASB ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, including related interpretive guidance and illustrative financial statements and disclosures to assist with implementation.
• Discussion and interpretive guidance associated with FASB ASU 2011-03, ASU 2011-11, and ASU 2012-04.
• Discussion and interpretive guidance associated with SEC Rule 17Ad-17, SEC Rule 17Ad-22, and SEC Rule 17-248--Subpart C.

In addition, this edition contains updated industry-specific auditor's reports and an illustrative representation letter. It offers "best practice" discussion of industry-specific issues such as fair value accounting and related disclosures, and compliance with regulatory requirements. It contains auditing considerations applicable for practitioners conducting audits of both issuer and nonissuer broker-dealers (i.e. GAAS and PCAOB audits).