AUDITS

Audits are a critical function of every financial institution. Whether you are a broker dealer, investment advisor, hedge fund or a hybrid firm, it makes no difference. If your not annually audited “adequately” as described under the various rules, the ramifications could be financially devastating. Deficiencies and violations would continue to occur unchecked, new violations or activities requiring review would not be flagged, all causing the firm to diverge far enough away from compliance to cause regulators to take notice. Should a regulator, while conducting their annual audit of your firm uncover these deficiencies, uninvestigated activities and violations, the firm could be subject to sever fines, sanctions or could have their operations suspended or permanently terminated.

In today’s volatile markets and with the ongoing publicity highlighting our nation’s regulators’ inability to supervise our financial institutions or protect the public from the epidemic wave of ponzi schemes and frauds, Congress has threatened to restructure the industry’s regulatory bodies into more competent divisions with narrowly defined responsibilities. In an attempt to demonstrate their ability to get things done, our regulators are fighting back the only way they know how, with severe fines and sanctions for even the smallest of infractions. It is for this reason that firm’s really have to stay on top of their compliance and audit programs. It’s not enough run a clean compliant firm anymore, one must be able to also satisfy the toughest of regulatory scrutiny. With this in mind, Wall Street has created a suite of comprehensive audit programs designed to meet the specific needs and requirements of any financial firm regardless of structure, business or product mix. Whether you’re a broker dealer, registered investment advisor of hedge fund, our audit programs are designed to ensure all your businesses, activities, and risk management systems pass the strictest regulatory scrutiny. Wall Streets’ Expert have decades of expertise and experience conducting audits and ensuring firm’s maintain adequate compliance under the rules.

Whether your looking for an annual audit, mock audit in preparation of a forthcoming regulatory audit, desk audit or require an audit of some specific business line, product, or activity our experts have the expertise and experience to get the job done. Our goal is to enable you to focus on your bottom line production while we ensure compliance at an effective cost.

Designed to identify the areas considered to have the greatest risk to the firm, our audits are align with regulatory guidelines and industry standards structured to ensure risks and deficiencies are appropriately identified, evaluated and presented in a manner that any firm can take immediate action.

Broker dealer audited areas include:

  • Broker dealer Supervisory Procedures Manual
  • AML Procedures Manual
  • AML Third Party Annual Audit
  • 3012 Testing
  • OSJ Audits
  • Customer Complaints
  • BOM Supervisory Checklist
  • Firm Exception Report system
  • Operations documentation
  • Firm and rep CRD and BD filings
  • Branch correspondence
  • Email and review and supervision
  • Review for potential conflicts of interest
  • Advertising and maketing materials
  • Website and disclosure
  • Business Continuity Plan
  • Disaster Recovery Plan
  • Client suitability and activity review
  • Options review and risk analysis
  • Review of customer complaines and regulatory actions or inquiries
  • Firm needs analysis and continuing education program
  • Annual compliance meeting
  • Investment Advisor Brochure and Business
  • Broker records, due diligence and documentation
  • Annual CEO Certification
  • Annual Compliance testing
  • Trading desk operations, activity and supervision
  • Private placements records and supervision
  • Rule 2711 supervision over research analyst
  • Review of investment banking activities
  • Review of annuity business, activity, documentation and licensing