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News Summary: Watchdog IDs flaws in broker audits

(AP) - INSPECTION FINDS FLAWS: A watchdog agency for the accounting industry says it's found numerous flaws in how some firms audited securities brokerages.

LAPSES IN ALL 23 AUDITS: The inspection by the Public Company Accounting Oversight Board found deficiencies in the entire sample of 23 audits of brokerages done by 10 accounting firms.

CHECKING FINANCIAL CUSHIONS: The auditor lapses included a failure to adequately verify how much financial cushion the brokerages held against potential losses, and the accuracy of revenue figures the brokerages provided.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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