Full Annual Audits
Every Broker/Dealer is required to engage an independent auditor to conduct a full annual audit of the brokerage firm. These auditors may not be connected to the daily and monthly accounting and bookkeeping activities of the firm.
Our Experience and Opinion
B/D Solutions recommends that you engage an independent auditor with experience specifically in brokerage and regulatory accounting. The time and energy spent training an auditor inexperienced in brokerage accounting is costly. It is a common mistake to hire an accounting firm with a big name but no experience.
Remember that every firm must have a Designation of Accountant form on file with FINRA no later than December 10.
B/D Solutions has worked closely with many broker dealer auditors and can advise you on the selection of your audit firm. In addition, we can recommend specific independent audit firms with direct experience in the type of business conducted by your firm. B/D Solutions receives compensation by the accounting firm for the referral of independent auditors.
If you would like to discuss finding an independent auditor with specific brokerage experience, please contact us today.