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No Group Untouched by Dodd-Frank Compliance

CPAs and auditors will have to comply with Dodd-Frank too.

It seems the Dodd-Frank Wall Street Reform and Consumer Protection Act has a new regulation for everyone, and fund advisers are no exception.

The Journal of Accountancy reports that some CPAs who work in personal financial planning, particularly those who advise hedge and other private funds, will need to register with the Securities and Exchange Commission. However, there is a transitional exemption period that gives advisers who must register until March 30, 2012 to file their paperwork, the source reports.

Accountants are not the only ones challenged by the financial overhaul. SEC-registered auditors who audit nonpublic broker-dealers will now fall under the gaze of the Public Company Accounting Oversight Board, according to Deloitte. Auditors will have to comply with the PCAOB's rules, including submitting to an inspection program and any audit standards the board sets.

Deloitte notes that broker-dealers will also have to pay an annual accounting support fee, which "certain classes of issuers" currently cover.

"The first fees collected from brokers and dealers will fund the first full fiscal year of the PCAOB after the signing of the Act (activities for calendar year 2011)," Deloitte said. The board reportedly will propose a new rule on assessing and collecting those fees later, and will provide time for the public to submit comments.  

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