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The Public Company Accountants Oversight Board (PCAOB) and SEC issued guidance on the registration of auditors of nonpublic broker-dealers. Until recently, auditors of nonpublic broker-dealers were not required to register with the PCAOB as a result of a series of SEC exemptions dating back to 2003. The latest SEC order, issued in December 2006, extended the exemption to cover financial statements for fiscal years ending before January 1, 2009. That exemption expired December 31, 2008 triggering a requirement that financial statements of nonpublic broker-dealers for fiscal years ending after December 31, 2008, must be audited by an accounting firm that is registered with the PCAOB.
Any tax advice in this communication is not intended or written by KBL, LLP to be used, and cannot be used, by a client or any other person or entity for the purpose of (i) avoiding penalties that may be imposed on any taxpayer, or (ii) promoting, marketing, or recommending to another party any matters addressed herein. With this alert, KBL, LLP is not rendering any specific advice to the reader.
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