In the wake of several high-profile cases of fraud involving investment advisors and broker-dealers, the Securities and Exchange Commission (SEC) recently adopted final amendments to Rule 206(4)-2 (“the Custody Rule”) under the Investment Advisors Act of 1940 in an attempt to provide additional safeguards for client funds or securities in the custody of a registered investment advisor.
Industry Specific Knowledge
What is the value of a CPA who both understands your industry and is aware of current trends and issues affecting it? For MFA’s investment management clients, it has proven invaluable. Our combination of sophisticated financial, technical and industry expertise has made us the firm of choice for registered investment advisors seeking an efficient, cost-effective solution to meeting their SEC examination requirements, whether it be an annual surprise examination, annual internal control report, or both.
Solid Audit and Assurance Experience
MFA’s solid audit and assurance track record, combined with our extensive Sarbanes-Oxley and internal controls consulting expertise, demonstrates the strength and range of our compliance examination services. The exceptional knowledge base and vast experience amassed over the years has resulted in our ability to consistently offer a responsive, value-driven, hands-on approach. In working with MFA, clients are secure in the knowledge that they are working with truly seasoned professionals with a track record for results.
PCAOB Registered
For those RIAs, or their related parties, who act as a custodian, the SEC requires the independent public accountant conducting the surprise examination to be registered with, and subject to regular inspection by the Public Company Accounting Oversight Board (PCAOB). Furthermore, the independent public accountant issuing the internal control report (e.g. SAS 70 Type II or SSAE 16) must also be a PCAOB registered firm.
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.