Coastal Securities
Client: Coastal Securities, Inc. Houston, Texas
Line of Business: Financial
Client Contact: Brian Folk, President and Chief Financial Officer
Securites dealer relies on Weaver for timely annual financial statement audit
With its main headquarters in Houston—and branch offices in Austin, San Antonio and New Orleans—registered securities dealer Coastal Securities Inc. (www.coastalsecurities.com) offers a range of professional investment services to both domestic and international investors.
In accordance with the requirements of the Securities and Exchange Commission (SEC Rule 17a-5), with oversight from the Financial Industry Regulatory Authority (FINRA), the brokerage firm engaged Weaver in 2005 to conduct their annual financial statement audit.
"Previously, we worked with one of the Big 4 public accounting firms," says Brian Folk, Executive Vice President and Chief Financial Officer at Coastal Securities. "I have only been with the company for two years, but based on my discussions with the decision makers at that time, cost and industry experience were the two main criteria under consideration when evaluating potential audit service providers."
It is key for any CPA firm auditing brokers and dealers of securities to understand the industry specific accounting regulations and practices followed by all FINRA members, explains Audit Partner John J. Mackel III, CPA, of Weaver's Houston office.
"Also, FINRA audits must be submitted by February 28—which is pretty quick turnaround," Mackel says. "So broker/dealers considering potential audit service providers should ensure that they're working with a firm that has the resources and expertise to meet this aggressive deadline."
Although not involved with the auditor selection process, Folk has been pleased with his experiences with Weaver since joining the Coastal Securities team.
"Weaver does an excellent job of listening to, understanding, and responding to any issues, technical or otherwise," he notes. "They have a strong audit team and our partner, John Mackel, has a great business sense too."
Folk also cites Weaver's flexibility in timing and willingness to accomodate his and his colleagues' schedules as being a tremendous asset. Further, he appreciates the excellent quality of work, level of both service and expertise, and responsiveness of Weaver's partners and audit team.
"Everyone at Weaver always maintains a professional, independent attitude through all of our discussions," Folk adds.
Brian Folk
President and CFO
Coastal Securities, Inc.
www.coastalsecurities.com
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