2.8.5.4. Independent Public Accountant’s Reports
In addition to auditing the annual financial report, the independent public accountant must prepare an audit based on an examination of the broker-dealer’s annual compliance report or exemption report (discussed shortly). The annual audit must include a review of the firm’s accounting system, internal accounting controls, and procedures for safeguarding securities. The accountant’s report must be dated, manually signed, include the city and state where it is issued, and identify the financial statements and schedules covered by the report. It must also indicate whether the audit was made in accordance with PCAOB auditing standards, whether the accountant followed review procedures for safeguarding securities, and designate the reason for the omission of auditing procedures, if any. The report must be filed within