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Custody Rule Examinations
On December 30, 2009, the Securities and Exchange Commission adopted amendments to the custody and recordkeeping rules under the Investment Advisers Act of 1940. The amendments are designed to provide additional safeguards under the Advisers Act when a registered adviser has custody of client funds or securities and require such an adviser, among other things to undergo an annual surprise examination by an independent public accountant to verify client assets.
Suprise Examinations
We offer Custody Rule Examination services to registered advisor that maintain client assets in independent custodian accounts (i.e., a custodian that is not the adviser itself or a related person). These examinations are performed under the standards of the AICPA.
Internal Control Audits
If a registered advisor maintains client assets with a related party custodian (i.e., a custodian that is the adviser itself or a related person), it must obtain or receive a report of the internal controls relating to the custody of those assets from an independent public accountant that is registered with the Public Company Accounting Oversight Board (PCAOB). D. Brooks and Associates CPAs is not registered with the PCAOB and does not offer Custody Rule Examinations for registered advisors that do not maintain client assets in independent custodian accounts.
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