PCAOB Announces June 6 Webinar for Auditors of Broker-Dealers on Auditing Related Party Transactions

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WASHINGTON, May 16, 2017

The Public Company Accounting Oversight Board today announced that it will host a webinar on June 6 for auditors of brokers and dealers on auditing related party transactions.

"The PCAOB continues to reach out to broker-dealer auditors about specific audit areas that present challenges," said James R. Doty, PCAOB Chairman. "These areas include related party transactions, which was a focus of PCAOB inspections of broker-dealer audits in 2016."

Related parties, such as business owners or affiliates, often play a significant role in the operations of broker-dealers through shared-service agreements, expense-sharing agreements, or other arrangements.

PCAOB standards require that the auditor evaluate a company's identification, accounting, and disclosure of the relationships and transactions between the company and its related parties. The auditing standard for related party transactions, AS 2410, Related Parties, is effective for audits of fiscal years beginning on or after December 15, 2014.

The webinar takes place 2-4 p.m. EDT, and is open to members of PCAOB-registered firms. There is no fee to participate, but registration is required by Thursday, June 1.

PCAOB webinars are an efficient and cost-effective way that PCAOB-registered firms and other stakeholders can hear from PCAOB staff. Recordings of previous webinars are available on the PCAOB website.

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