In August of 2012, the Public Company Accounting Oversight Board, the US audit industry regulator, issued its first report on the auditors of broker-dealers under a pilot inspection program.

FORBES: All Talk: The SEC's Broken Broker-Dealer, Investment Advisor Examination Program

The report prepared by an accountant registered and inspected by the Public Company Accounting Oversight Board among other things, must describe the controls that are in place to protect the assets, the tests performed on the controls, and the results of those tests.

FORBES: All Talk: The SEC's Broken Broker-Dealer, Investment Advisor Examination Program

The Public Company Accounting Oversight Board, which regulates US audit firms, disclosed private portions of a Deloitte inspection report for 2007 that highlighted poor quality and administrative controls.

FORBES: Deloitte and Standard Chartered Bank: In Service To Profit Above All