Pcaob Inspection Report 2010 Bdo Seidman Llp

1666 K Street, N.W.

Washington, DC 20006

Telephone: (202) 207-9100

Facsimile: (202) 862-8433

www.pcaobus.org

Report on

2009 Inspection of BDO Seidman, LLP

(Headquartered in Chicago, Illinois)

Issued by the

Public Company Accounting Oversight Board

August 12, 2010

THIS IS A PUBLIC VERSION OF A PCAOB INSPECTION REPORT

PORTIONS OF THE COMPLETE REPORT ARE OMITTED

FROM THIS DOCUMENT IN ORDER TO COMPLY WITH

SECTIONS 104(g)(2) AND 105(b)(5)(A)

OF THE SARBANES-OXLEY ACT OF 2002

PCAOB Release No. 104-2010-129

PCAOB Release No. 104-2010-129

Preface to Reports Concerning Annually Inspected Firms

The Sarbanes-Oxley Act of 2002 requires the Public Company Accounting

Oversight Board ("PCAOB" or "the Board") to conduct an annual inspection of each

registered public accounting firm that regularly provides audit reports for more than 100

issuers. The Board's report on any such inspection includes this preface to provide

context for information in the public portion of the report.

A Board inspection includes, among other things, a review of selected audits of

financial statements and of internal control over financial reporting. If the Board

inspection team identifies deficiencies in those audits, it alerts the firm to the

deficiencies during the inspection process.

Deficiencies that exceed a certain

significance threshold are also summarized in the public portion of the Board's

inspection report. The Board encourages readers to bear in mind two points concerning

those reported deficiencies.

First, inclusion in an inspection report does not mean that the deficiency

remained unaddressed after the inspection team brought it to the firm's attention. Under

PCAOB standards, a firm must take appropriate action to assess the importance of the

deficiency to the firm's present ability to support its previously expressed audit opinions.

Depending upon the circumstances, compliance with these standards may require the

firm to perform...