Dean T. Carson II, C.P.A. |
Full Range CPA & Consulting Services in NY, CT, MA & TX, Select Services in other States by Inquiry / Fluent in Spanish
ph: 917-300-5190
alt: 917-231-7855
dean
We are here to support Entity needs on Compliance and Regulatory Reporting as valid and relevant in relation to your Business needs on Services. Proactive Compliance and Reporting becomes an effective Risk Management Strategy where the guidelines, rules and practices of Entity Compliance are effectively matched to the Rules and the Focus of Active Compliance from the Regulators needs standpoints. Ultimately we work with compliance to embrace the knowledge of Regulatory needs as an important element of Financial Management. The road to compliance is both procedural and financial in nature and direct results of non-compliance will always have adverse Financial Impacts.
We are here to assist on Financials and on Compliance procedures that will ultimately help you better protect your Financials through Compliance.
We connect to the wide ranging Standards, Laws, Rules and evolvng streams of enforcement and litigation to proactively consider the needs of Clients on Services where we may assist on Strategy or Operations with intetion to best meet the needs of Clients on related Compliance and Reporting.
The knowledge also benefits Our interest to support your needs on Entity Compliance and to provide LSS services for In House Counsel or Attorney's where relevant, applicable and valid.
This is an educational awareness page and we do have interest in supporting Compliance needs through consulting where the opportunity is valid (each case determined based on facts) we also seek to support Attorneys on related needs. Regulatory Compliance is a key stream of Strategic and Operational needs for many Entities so studying the current needs becomes important.
This section is in draft so please pardon the text which is currently being updated.. Our key point here is that Compliance is a very important function for entities to meet the needs of Governmental Accounting, Financial Reporting and Operational needs where applicable. In the Financial Services realm and Public Company Realm the SEC, CFTC (for related Entities) and PCAOB have important roles that can provide insight to the important work of Compliance. Studying the Rules, Rulemaking and the strong cases of Litigation, Enforcement and PCAOB Actions (for CPAs) can provide insight to just what happens where things go wrong. With Regulations and Compliance there are essentially a few lines of action to support the needs:
I. Actions: Good Practice on Compliance (some steps to reduce or mitigate unfavorable outcomes)
II. Outline: The outline purpose of this section is as a resource. If you study the potential negative oucomes of Litigation and Enforcement you become more aware of the issues and concerns on current trends in compliance. While the goal is to be on top of overall compliance whether or not your Regulator is currently focused on it, the Economics of Resource allocation tend to move along the lines of focusing on the key needs. In practice an Entity should plan for all needs (from the scope of applicable regulations), educate for all needs and reinforce on the additional hotspots to follow the flow of emerging regulation.
III. Our Approach on Compliance is to use the strength of knowledge, experience,teamwork and research to best benefit Compliance needs. We follow the lines of Regulatory updates on a daily and or as needed basis to stay current and focus in on client needs. Along that path we use Audit skills to connect with Regulators and understand the needs and concerns. Taking a proactive approach to compliance is using skills to understand the needs of Regulators and then help to clarify the points of Compliance (what your Firm or Entity is doing to meet the need). Most firms appreciate that the preventative nature of Compliance is a manner to reduce down road expenses by meeting needs on Financials and Operations that arise from Governmental rules.
I. Actions:
Good Practice in Compliance is supported by:
1. Business Ethics and supporting the Rules of Fair Play.
The intended role of Business Compliance Rules is (or agreeable to most common definitions should be) to discourage unfair practices, deception, fraud and other unfavorable market activities. The key guidance on this can be found on the SEC and CFTC websites (the definitions link to follow) for core purposes here.
Top Down focus of Compliance / the Role of Corporate and Entity Governance:
The Corporate or Entity Culture guides the way so an attitude and approach of Compliance must come from the Top down for best impact.
The Importance of the Public Trust in equitable application of Enforcement:
Rules work best when there is a sense of uniformity in application, the Public relies on Governance that is fair and equitable in application. Appearance or perception in the application of Compliance Rules of unbalanced approach or inequitable application works against the will of a population to comply. So there is a uniform High Bar on Compliance that applies to both the Public and Regulators.
2. Knowledge and continual learning. Education of Staff and Area personnel through following the applicable updates in Laws and Regulations provides a pathway to continual improve the abilities of an Corproation or Entity to meet the needs on Compliance through current awareness. The best practices on Firm and Entity Compliance include written supervisory procedures (WSPs), defined roles and responsibilities, employee awareness (usually through sign on to WSPs) and continual learning and update to match the ever continual stream of updates through Legislation and Executive Branch Rules in this case looking at the SEC and CFTC and a few other key points.
3. Routine Check Ups / Compliance Audits and Inquiries. Once an Enity has been registered and Established (with a designated regulator) the expected course is routine check ups through Audits and Regulatory Reports. These routine check ups provide varying levels of balance to confirm the Entity is meeting certain defined responsibilities through Compliance. However they are not Guarantees so the Firm or Entties ability to apply and maintain a system of Internal, Controls, Checks and Balances specifically designed to meet Compliance needs (and they must be specifically designed to meet those needs or prove ineffective) strengthens the Entities potential to ward off negative impacts through Control and Compliance Failures. Negative impacts are Legal, Financial and Business Risk exposures through Litigation and Enforcement where failing to Control with Compliance.
4. The Role of Litigation and Enforcement.
We call these the Outliers because the goal of Compliance and Regulatory Reporting should be to encourage favorable operations such that only non-standard events would bring a Firm or Entity to a point of Litigation or Enforcement Actions (*). The Role of Litigation and Enforcement is to protect Financial Markets, Investors and the General Public through enforcement and action on Rules that have been enacted with a vision of protecting the Public or Financial Markets. Litigationa nd Enforcement intrroduce real negative penalties for Bad Actions and make the strong Financial
and otherwise penalty case for Valuing Compliance where steps 1 - 3 should be the preferred approach.
(*) Generally this may be an applicable rule, but the fact is that there are also sometimes changes in the winds of broader public concerns that can activate a specialized focus on regulations to one area or another which may catch some entities by suprise. This is why steps defined in 3 above in general overview are important, an Entity or Firm needs not only prepare for the Routine elements of Firm Inspection, they also need to consider the full scope and range of rules that impact their business.
This is generally covered through teamwork between In House and External Counsel, through Compliance and Internal Audit and therein exist opportunities where we can help on project consulting needs in support of segmented activity on project work for focused results.
We may also help on litigation needs through business awareness as deemed relevant and valid through the sope of related Legal Experts and Case participants with needs. We are interested to support Case and Compliance needs and would if presented the opportunity consider these needs on case by case business to determine whether or not or in what capacity Our assistance on services may be available.
II. Outline:
With time this section will transform to focus exclusively on Litigation and Enforcement, currently it also includes some SEC and CFTC Rulemaking which is still related in that you can't have litigation or enforcement without Rulemaking. Department and Agency Rules are connected to US Rules for Federal Civil and Criminal Litigation depending on the severity of the matters.
Litigation and Enforcement is a progressive action path that begins with SEC and CFTC reviews of member operations and then progresses in relation to seriousness from Audit to Enforcement and Litigation. Litigation and Enforcement are extreme cases, Rules are designed to inspire positive compliance through negative penalties but although Business Ethics are being reinforced through Education and professional standards, you cannot Regulate behavior so there will always be some level of actinable enforcement and litigation. Ideally the benefit of the information lines shared here are educational and informative to help better raise awareness of important points of Financial Compliance from the SEC, CFTC, FRB, OFAC and PCAOB along with some elements of SEC and CFTC rulemaking.
We are building knowledge in broad scope that defines area maps of terrain where we can focus in on the needs to support Clients on Services. The understanding of Securities Litigation, Enforcement and Rulemaking has direct application to Compliance and Regulatory Reporting and to support of Attorneys and Law Firms on Legal Suport Services (LSS) and specialized support to Financial Services Entities.
On Services Contact Us or e-mail info@dcarsoncpa.com.
A significant portion of our foundation of work experience corresponds to the Investment Management business that lies at the cross roads of Industry, Non Profits, Government and Individual Financials which run from End to End on the Economy. Significant responsibility is placed in this Sector which corresponds to supporting Labor and Pension funding and corresponding Payroll Fiduciary duties on Retirement Plans and Health.
Payroll Deductions produce fiduciary responsibilities (Tax, Insurance and Health, Retirment Plan and Social Security funding duties under Law) and retirement and health plans connect with ERISA, Taft-Hartley and other duties of compliance. Where these duties fail the next step is enforcement particularly where management or a bad actor in an Entity may violate fiduciary trust by failing to remit funds / misappropriating such funds:
EBSA Criminal Enforcement Updates: http://www.dol.gov/ebsa/newsroom/criminal/main.html
The preventative action revolves around a system of strong internal controls, the correct implementation of Financials, oversight and education and we can help on training where to support compliance and on elements of workflows.
To consider where we may assist please contact us or e-mail info@dcarsoncpa.com .
FINRA Enforcement:
http://www.finra.org/Industry/Enforcement/index.htm
More to follow through updates...
DCarsonCPA on Securities Litigation and Enforcement - we connect on compliance services helpful to mitigate unfavorable impacts of Litigation and Enforcement through supporting Compliance and Strong Controls. We also provide support services for Litigation and Enforcement for Entities. Our services connect through Accounting, Financials, Compliance and Strong Controls with consulting support as valid and relevant. We also are here to support Compliance Attorneys and Litigation Attorneys on needs for Case Work support with the understanding that comes from owning Financials and elements of Compliance functions with skills and efficiency to use Business Analysis and Project Management support skills on Compliance Systems needs using Audit Experience and Financial, Industrial. Regulatory and Legal Research skills for insight along with Software skills.
Securities Litigation and Related Enforcement is a neccessary element of supporting the orderly function of Capital Markets. You can teach Ethics and Create Laws and Rules but ultimately rules without enforcement will fail to prevent bad actions and there are cases where Ethics, laws and Rules alone will not prevail to protect Investors and Market participants from bad Actors. To this rational need for Protecting Financial Market Participants we provide these informational resources.
We are here to support Regulated Financial Entities in the Capacities that we may currently through Project Consulting, Taxes, Business Analysis /Project Management Support and other areas as relevant (will update more soon or call to inquire). The skill set includes ownership of Financials for Regulated Entities (SEC Act 40s Companies and Advisers, SEC ACT 34 Broker-Dealers and SEC ACT 33 Private Equity additionally with experience in supporting Public Company Financials for Issuers under Acts 33 and 34).
We are NOT currently PCAOB registered and are not therefore Pursuing Audits for Regulated Entities but that still permits many avenues through project consulting to utilize Our skills in the area to support key Decision Makers on Financials and related needs on Strategic and Operational support services that draw on skills.
We connect the lines of Accounting, Taxes, Compliance (through direct connection to the various Laws and Rules at Federal and Multi-State levels depending on Entity needs).
We work with skills that include but are in no way limited to:
Research (on Strategic and Operational Financial Decision Making for Management needs)
ALL Services are evaluated prior to Engagement to validate suitability and compliance with applicable Laws and Rules. Our interest is to support Client needs with Financial Skills and Compliance where we may.
Contact Us or e-mail info@dcarsoncpa.com
SEC Small Entity Compliance (XBRL):
http://www.sec.gov/info/smallbus/secg/interactivedata-secg.htm
SEC Litigation:
http://www.sec.gov/litigation.shtml
CFTC Education:
http://www.cftc.gov/ConsumerProtection/EducationCenter/index.htm
FINRA Compliance Statistics:
http://www.finra.org/Newsroom/Statistics/
FINRA Compliance:
http://www.finra.org/Industry/Compliance/
FINCEN /OFAC:
On Services Contact Us or e-mail info@dcarsoncpa.com.
The Securities Litigation and Enforcement feeder below is provided for sole purpose of awareness and understanding of current needs on Litigation support and / or needs on compliance as an element of relevant research to needs on compliance through awareness.
On Services Contact Us or e-mail info@dcarsoncpa.com
Copyright © 2010 - 2022 Dean T. Carson II, C.P.A.. All rights reserved.
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Full Range CPA & Consulting Services in NY, CT, MA & TX, Select Services in other States by Inquiry / Fluent in Spanish
ph: 917-300-5190
alt: 917-231-7855
dean