The following comments and observations were compiled by the AICPA Stockbrokerage and Investment Banking Expert Panel and AICPA staff and are not authoritative positions or interpretations issued by the SEC, FINRA or their staff. The comments and observations were not transcribed by the SEC or FINRA or their staff and have not been considered or acted upon by the SEC or FINRA or their staff. Accordingly, these comments and observations do not constitute a statement of the views of the SEC, FINRA or their staff.
During the December 2023 meeting, the Expert Panel members discussed certain considerations related to 1) digital assets and the applicability of Staff Accounting Bulletin No. 121 (SAB 121) to broker-dealers and 2) reporting requirements for the MI letter to include material inadequacies that were identified and remediated during the year. The EP was also informed the SIPC-3 AUP report template was recently updated.