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Brokerage Standards Manual

IV. Accounting and Financial Records/Systems

Timeliness Of Financial Records

All records required to be kept by a brokerage are required by section 8-9 of the Rules to be kept up-to-date.

The auditors employed by the Council to conduct office and record inspections have found that some small brokerages, in particular, have allowed their general books and records to be more than one month in arrears and have not maintained their trust subsidiary accounts on a daily basis. This practice allows bank errors to pass undetected for a considerable time and is unacceptable.

Trust accounts must be updated on a daily basis. It is strongly recommended that general accounts be updated at intervals of not more than a week.