Investment advisors that are deemed to have custody of client assets, under SEC or state securities rules, may be required to have a surprise custody examination by a firm registered with and inspected by the PCAOB. Complying with the custody rules depends on the nuances of each advisor’s particular facts and circumstances and should be done in consultation with your compliance specialist and/or attorney.

The surprise exam covers several specific aspects of the custody and recordkeeping rules. With our extensive experience working with investment advisors of separately managed accounts and funds, we conduct efficient and cost effective surprise exams that satisfy our client’s regulatory needs. Spicer Jeffries conducts all custody examinations in accordance with the requirements of the SEC and the AICPA.

Spicer Jeffries is registered with and is regularly inspected by the Public Company Accounting Oversight Board. As experts in the securities industry with a focus on investment advisors, we have a deep understanding of the profession and are well versed in the rapidly changing regulatory environment. We have performed dozens of surprise custody examinations since the rule was put into effect and currently conduct approximately 20 surprise custody examinations per year. If you believe that your firm may be subject to this requirement and are looking for an auditor, please contact us today.