What will be the scope of a SAS 70 Type II audit report under the proposed SEC rule?
Based upon SEC Chairman Schapiro’s speech, it appears that the scope of this SAS 70 Type II audit report will focus upon the custody controls of the registered investment adviser. 3. What is the PCAOB? According to its website, “The Public Company Accounting Oversight Board (“PCAOB”) is a private-sectior, non-profit corporation, created by Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.” 4. How can I find an accountant registered and inspected by the PCAOB? The PCAOB maintains a list of PCAOB registered public accounting firms. Click here for a list of such accounting firms. Once the SEC posts the text of the proposed amendments to its custody rule for federally registered investment advisers along with its interpretative release, RIA Compliance Consultants will provide its readers with further guidance about the
