Virginia Administrative Code
Title 21 - SECURITIES AND RETAIL FRANCHISING
Agency 5 - STATE CORPORATION COMMISSION
Chapter 20 - BROKER-DEALERS, BROKER-DEALER AGENTS AND AGENTS OF THE ISSUER
Part I - Broker-Dealers
Section 21VAC5-20-80 - Financial statements and reports
Current through Register Vol. 41, No. 3, September 23, 2024
A. All financial statements required for registration of broker-dealers shall be prepared in accordance with generally accepted accounting principles, as promulgated by the American Institute of Certified Public Accountants.
B. Definitions:
"Certified financial statements" means those financial statements examined and reported upon with an opinion expressed by an independent accountant and shall include at least the following information:
"Financial statements" means those reports, schedules and statements, prepared in accordance with generally accepted accounting principles and which contain at least the following information unless the context otherwise dictates:
"Independent accountant" means any certified public accountant in good standing and entitled to practice as such under the laws of the accountant's principal place of business or residence, and who is, in fact, not controlled by, or under common control with, the entity or person being audited.
"Review of financial statements" means those financial statements reviewed by an independent accountant, and shall include at least the following:
"Unaudited financial statements" means those financial statements prepared in a format acceptable to the commission not accompanied by the statements and representations as set forth in the definitions of "certified financial statements" or "review of financial statements" of this subsection, and shall include an oath or affirmation that such statement or report is true and correct to the best knowledge, information, and belief of the person making such oath or affirmation. The oath or affirmation shall be made before a person authorized to administer the oath or affirmation, and shall be made by an officer of the entity for whom the financial statements were prepared.
C. Requirements for broker-dealers:
Statutory Authority
§§ 12.1-13 and 13.1-523 of the Code of Virginia.