Accounting & Compliance International

Under FINRA Rule 1022, every broker-dealer must employ a qualified Series 27 Financial and Operations Principal, known as a FinOp. Accounting & Compliance International, known as ACI, supplies FinOp services to independent broker-dealers. Its licensed FinOps and CPAs also handle the regulatory reporting and bookkeeping that surround the role.

FinOp and regulatory reporting

The firm's Series 27 FinOps take on the duties of the Financial and Operations Principal, overseeing regulatory filings so that they are accurate and on time. Alongside that role, the firm keeps day-to-day books to GAAP standards, produces internal management reports and provides accounting services. The company says its team exceeds FINRA requirements and helps clients reduce regulatory risk.

Receivables, payables and reserve computations

Receivables are overseen with dual-authenticated vendor bill payment and clear month-end reporting. The firm keeps a record of liabilities and vendor payment controls, and prepares customer reserve computations alongside internal operational controls. Subledger mapping, security counts and funds flow modeling are part of the work, which the firm says is tailored to broker-dealer operations. It also supports carrying and clearing firms.

New member applications

Firms applying to join FINRA receive help with capital planning, pro forma budgets and the regulatory licensing needed for membership approval. The company says it has supported FINRA new member applications for more than four years.

Audit and examination support

For audits by the PCAOB and examinations by FINRA and the SEC, the firm prepares audit papers, financial statements and footnotes, and guides clients through the process. It also offers guidance on internal control over compliance, which it presents as a set of best practices for broker-dealer operations.

Staff and client continuity

The company says its employees and clients have stayed with the firm for more than five years on average. It also says a share of all FINRA member broker-dealers work with it. In its own description, the firm wants to act as an extension of each client's team and a strategic partner in its growth.