Accounting & FinOp Services FAQ

Below are the answers to the questions most frequently asked by ACI’s new, existing, and prospective clients:

  1. What type of experience will ACI bring to my firm?
    ACI has over 30 years of experience in providing high quality bookkeeping, accounting and regulatory consulting to the financial services industry. Our consulting staff includes FinOps and Certified Public Accountants. Amongst our staff we hold the Series 7, 15, 24, 27, 28, 63, 79, and 99 licenses.
  2. How does ACI stay current on FINRA rules and regulations?
    ACI consultants regularly attend industry conferences to gain first-hand knowledge about changes in the regulatory landscape. We utilize this information in practice to ensure our clients are protected from regulatory scrutiny.
  3. What is the benefit of outsourcing accounting services?
    The greatest value provided by outsourcing accounting services is the ability to engage a team of well-trained professionals while incurring only a fraction of the cost of hiring a full-time employee.
  4. How does ACI price its accounting services?
    The most definitive measure in determining our pricing structure is the transactional volume incurred each month. Our fees are not based upon size or profitability of the clients we service.
  5. Can ACI service financial services clients not located in New York?
    Yes! While ACI is based in Manhattan’s financial district, there is no geographical limitation to the accounting services we can provide to our clients. Electronic communication has allowed us to offer remote clients with the same quality of service that is provided to regional firms. We are able to gather documents directly from the third party providers and can also provide remote online access so clients can constantly view the financial activities of their respective firms.
  6. Does ACI fulfill FINRA’s licensing requirements?
    Yes! ACI will provide each client with a Series 27 licensed accountant to act in the capacity of Financial & Operations Principal. The FinOp will be responsible for overseeing the firm’s financial operations and will sign the FOCUS Report as validation of the accuracy of the information provided to FINRA.
  7. How do auditors conduct their audits when ACI prepares the books and records?
    ACI’s headquarters serve as the location of the financial books and records for our clients. Our accountants are very familiar with the financial well-being and net capital and can therefore provide the assistance required to conduct the audit in the most timely and efficient manner.
  8. How does FINRA conduct its financial examination?
    Much as is the case with year-end audits, FINRA relies on ACI’s access to financial information to help facilitate their examinations. ACI will relieve much of the examination burden away from the client, thereby allowing the firm to focus on core competencies. By providing the regulators with necessary documentation and insight, ACI is able to shorten the length of the examination and limit the likelihood of financial findings and regulatory fines.
  9. Does ACI conduct year-end audits?
    No. ACI is prohibited from providing year-end audits for independence reasons. The year-end audit is conducted with the purpose of providing independent third party verification of the accuracy of the broker dealer’s books and records. As the preparer of books and records, ACI is not considered independent because we would be reviewing our own work product.
  10. Who has access to my books and records?
    Only ACI employees, engaged auditors, and the clients themselves will have access to internal accounting information. Client books and records contain confidential information and are treated in that manner.  All files are password protected and backed up nightly to comply with SEC/FINRA guidelines for business continuity plans.


Give us a call at 212-668-8700, or reach out via our contact form to learn more.