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slorke

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slorke

Re: Renee post# 69730

Monday, 03/12/2007 10:42:40 AM

Monday, March 12, 2007 10:42:40 AM

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"Must the financial information required under Rule 15c2-11(a)(5) be independently audited?"

Answer: No. rule 15c2-11(a)(5) does not require audited financials. However, a broker/dealer would ordinarily be required to review unaudited financial statements more closely than if the statements were independently audited. Nevertheless, simply because the statements have been audited, a broker/dealer cannot avoid its responsibility to review the financial statements in order to have a reasonable basis to believe that the information is accurate.

http://www.pinksheets.com/otcguide/brokers_211.jsp

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