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Brokerage Standards Manual

VIII. Year End Reports and Office Inspections

Financial Statements

If the brokerage is a public company as defined in the Business Corporations Act, the financial statements must be audited by an accountant.

Brokerages that are not public companies must engage an accountant as defined in the Rules to conduct a review engagement or, in some cases, a notice to reader of the financial statements.

In all cases, the accountant performing the audit, review, or notice to reader review must be independent of the brokerage and of any director, officer or partner of the brokerage or a related licensee of the brokerage.