For over fifteen years, MFA has been providing quality audit and assurance services to broker-dealers to help ensure their financial statements meet the regulatory and business requirements under which they function.
Industry Specific Knowledge
Many aspects of assurance services benefit from industry-specific knowledge. MFA’s in-depth understanding of the broker-dealer sector has been invaluable to our clients. We are not only well-versed in issues facing the broker-dealer industry, but also have a solid understanding of the implications of accounting standards and regulations for this marketplace. Through our direct experience auditing the financial statements of broker-dealers, we have developed a true appreciation for the complex, ever-changing requirements of the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC).
Comprehensive Audit Approach
MFA’s audit approach goes beyond the books and records and allows us to gain insight into our client’s operations and corporate objectives. This approach significantly increases our effectiveness, enabling us to make more meaningful recommendations about various aspects of our clients’ business systems, internal controls, operational procedures, and practices.
Quality is Key
MFA is committed to delivering independent, efficient, effective and comprehensive audits of financial statements. We believe that high quality, independent audits, in fact and perception, are essential to the growth of financial markets. Our professionals are highly sensitized to the need to maintain objectivity and independence. Moreover, our audits are led by partners who are heavily involved in the engagements and staffed by individuals with the appropriate level of skill and industry-specific expertise.
The Securities and Exchange Commission (SEC) now requires that auditors of both public and non-public broker-dealers be registered with the Public Company Accounting Oversight Board (PCAOB). This order has been in effect for public companies since the passage of the Sarbanes-Oxley Act of 2002 and is now effective for non-public broker dealers beginning with fiscal year-ends after December 31, 2008.
MFA is registered with the PCAOB and is a member of the AICPA’s Center for Audit Quality which opens our work to inspection and demonstrates our confidence in, and commitment to, quality control in the preparation of informative, fair, and independent audit reports. MFA received its latest inspection report from the PCAOB which again contained no deficiencies or quality control issues, indicating complete and continued compliance with PCAOB standards.
To read the official PCAOB letter without comments, please click here. For more information on the PCAOB, visit www.pcaobus.org.