The Public Company Accounting Oversight Board’s first report on the interim inspection program for auditors of brokers-dealers registered with the Securities and Exchange Commission has uncovered some “disturbing” results, the board says.

The 25-page report, released Monday, covered an initial group of 10 audit firms and 23 broker-dealer audits. PCAOB started its interim inspection program last August in response to the board’s new oversight authority over broker-dealer auditors provided in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Congress decided to give PCAOB more oversight authority following Bernie Madoff’s Ponzi scheme.

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