Broker/dealer auditors must register with PCAOB.The SEC has determined that auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together of privately held broker/dealers must register with the PCAOB PCAOB Public Company Accounting Oversight Board . Although the Sarbanes-Oxley Act See SOX. is primarily directed at "issuers" (as defined by the Act) and their auditors, privately held securities broker/dealers also come under the scope of certain provisions of the Act. Recently, the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. made a request to the SEC for small broker/dealers to be deemed exempt from this rule. At press time, that decision was pending. The Act set the deadline for registration 180 days after the SEC determined that the PCAOB has the capacity to carry out the requirements of the Act. That determination was made April 25. U.S. accounting firms must therefore register with the PCAOB no later than Oct. 22, 2003. Non-U.S. firms must register six months later. For more information, visit www.pcaobus.org/pcaob_registration.htm. |
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