Financial Accounting Resources & News

Our expert team keeps up on the latest filings from the SEC, FINRA, and the IRS to ensure our clients can efficiently minimize costs and risks while simultaneously maximizing reporting accuracy.

ACI’s Managing Partner, Jay Gettenberg, Will Be a Citrin Cooperman FINOP Roundtable Panelist

October 23, 2020

ACI Managing Partner, Jay Gettenberg, will participate in a November 12 virtual roundtable discussion on important issues FINOPs may face in the upcoming audit season.

The roundtable will bring together six industry veterans to provide insights and advice on a variety of topics, including the impact of the COVID pandemic on internal control changes, fixed asset and other impairments, and related issues.

New FAQ Clarifies FINOP Site Visit Requirements

September 24, 2020

FINRA just clarified a question that has been a thorn in the side for many outsourced FINOPs and their broker-dealer clients for many years: Are FINOPs required to make on-site inspections of their clients’ records to fulfill their regulatory duties?

The short answer: No.

SEC Footnote 74 Provides Alternative for Broker-Dealers Who Don’t Hold Customer Funds

August 24, 2020

The SEC recently provided non-carrying broker dealers with an alternative option as to how they can maintain their exemptive status under SEC Rule 15c-3-3.

ACI Managing Partner, Jay Gettenberg, has worked closely with the Public Company Accounting Oversight Board (PCAOB) and FINRA in recent years to address the practical reality that there are FINRA member firms who do not hold customer funds, yet do not technically qualify under any of the four exemptions listed on the X-17A-5 Focus Report.

ACI’s Jay Gettenberg to Appear on July 30, 2020 “Accounting and Auditing in COVID Times” Teleconference

July 20, 2020

ACI Managing Partner, Jay Gettenberg, will participate in a broker-dealer update tech session teleconference on July 30, 2020 to discuss the regulatory accounting and auditing issues that arose from the coronavirus pandemic.

The six-person panel, “Accounting and Auditing in COVID Times,” sponsored by the Foundation for Accounting Education, will examine how the pandemic affected industry practices. ACI’s focus during this panel will be to share practical lessons learned while helping over 50 broker-dealer clients navigate the SBA-backed Paycheck Protection Program.

What is a FinOp?

May 26, 2023/in Informational/by Jay Gettenberg

What is a Financial & Operations Principal (FinOp)? The Financial and Operational Principal (FinOp) is a role required by FINRA Rule 1200 Series (previously by NASD Rule 1022). The FinOp obtains qualification by passing the Series 27 or Series 28 examination. Upon registration, the FinOp becomes personally liable for the maintenance of the broker dealer’s […]