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Watchdog Finds Problems in Dozens of U.S. Broker-Dealer Audits

Reuters – Many financial auditors are failing to properly check for accounting fraud risks at U.S. broker-dealers or test controls over customer funds, new inspections mandated by Congress after Bernard Madoff’s massive Ponzi scheme have found.

In its second inspection report on broker-dealer audits, the Public Company Accounting Oversight Board, an auditor watchdog, said it found problems at 95 percent of the 60 audits it checked. The results were similar to the first round of inspections conducted last year “and in one word, disappointing,” PCAOB board member Jay Hanson said on a conference call with reporters.

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