Audit Requirements

Section 7-7 of the Rules requires that every brokerage submit an Accountant’s Report within 120 days after the brokerage’s fiscal year end. Section 4-9 of the RECBC Bylaws requires that each trust account maintained by the brokerage be reported on by the accountant in the Accountant’s Report. However, trust accounts maintained for the purpose of holding commissions have been excluded from the audit requirement.