Brokers and Dealers in Securities - AICPA Audit and Accounting Guide

This guide summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit, accounting, and regulatory issues common to brokers and dealers.

Updated as of September 1, 2011, the guide includes relevant guidance contained in applicable standards and other technical sources, including regulatory requirements of the SEC as it relates to broker-dealers. In addition to basic information on the securities industry and a broker-dealer’s function and books and records, it includes information on relevant regulatory requirements. The guide offers clear and practical guidance in areas such as risk assessment, internal control, and SEC requirements under Rule 17a-5. All content is reviewed by industry experts and approved by the appropriate AICPA technical committee. A subject index has been added to the Guide for ease of use.

Updates significant to this edition include technical guidance contained in:

• FASB ASU No. 2009-16, Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets
• SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole
• SEC Release Nos. IA-2968, Custody of Funds or Securities of Clients by Investment Advisers, and IA-2969, Commission Guidance Regarding Independent Public Accountant Engagements Performed Pursuant to Rule 206(4)-2 Under the Investment Advisers Act of 1940

For a topical listing of subject matter by chapter, click on the Table of Contents tab.