Auditors of broker-dealers are required to perform their audits in accordance with Public Company Accounting Oversight Board (“PCAOB”) auditing standards. Revenues such as commissions earned on customer security trades, investment banking revenues, and advisory or consulting revenues are unique to the broker-dealer industry. Understanding how these revenue streams work is critical to performing an effective risk assessment and designing appropriate audit procedures to test them. PCAOB inspections of broker-dealer audits commonly focus on revenue recognition and the auditor’s procedures to test those revenues in compliance with applicable PCAOB standards. Join two former PCAOB broker-dealer inspectors, as they discuss the different broker-dealer revenue streams, how they are earned and recorded, applicable PCAOB auditing standards, and best practices for testing those revenue streams.