CHICAGO, May 13, 2015 /PRNewswire/ -- Sherwin A. Brook is recognized by Continental Who's Who as a Pinnacle Professional in the field of Finance. Sherwin is a Managing Partner with BrookWeiner LLC.
BrookWeiner LLC is a full service Chicago based CPA firm. For over 35 years the firm has addressed the needs of business owners, wealthy individuals and early stage businesses. Today, the firm has evolved and expanded its service to include tax, audit and review, accounting services, merger and acquisition, valuation, nonprofits, litigation support and estate planning.
Over the past several years the firm has addressed several areas of practice that have and continue to be the domain of international and larger regional CPA firms. These specialties include international tax planning and consultation; SOC (service organization controls) 1 and 2 reporting; internal risk assessments; audits of broker dealers, mutual and hedge funds and fund administrators.
The expansion of cross-border trading and investments necessitated the development of the expertise needed to advise companies planning to do business in the United States the best way to organize with this country and the necessary regulations of the IRS and Homeland Security. The failure to properly plan could cause significant delays in transferring of funds and unanticipated reporting problems. Currently we represent clients from approximately 20 countries including China, Singapore, India and Brazil. The firm's has language fluency in Spanish, Russian, Mandarin, conversational Chinese and select Indian Dialects. This coupled with the understanding of the customs and business practices of such countries allows us to educate international investors as to the vast differences between American tax and legal documentation requirements as opposed to those of their native lands.
Several years ago we had the opportunity to audit several mutual funds and broker dealers. This practice rapidly expanded to include hedge funds and fund administrators. In 2011 the SEC and FINRA restricted such audits to PCAOB registered CPA firms. The introduction of such greatly expanded the arena of specialization for BrookWeiner. We went through the AICPA peer review and tri-annual PCAOB inspection and became one a select group of firms that received top grades and no negative comments as a result of that process. With the PCAOB contemplating delisting over half of the firms registered with them due to lack of activity, the number of experienced firms available to undertake such services will be further limited. With a large number of funds with assets in the $5,000,000 to $350,000,000 range being unable to afford the significant audit and tax fees of the national and regional firms BrookWeiner has stepped into that sector with this specialty and is finding profitable growth in these areas.
As a result of our significant audit experience we also expanded into SOC 1 and 2 reviews for various service providers. The combination of our operational systems and computer control expertise has resulted in the slow but consistent expansion of services based on these skill sets.
Recent clarification of RIA custodial requirements by the SEC is now mandating that RIAs' who provide such services must have a PCAOB registered CPA firm review the internal controls of the RIA and then perform a surprise internal control test within six months thereafter. Alternatively, they can opt for an annual audit by an approved CPA firm. With the Firm's expertise in risk assessment and SOC reporting this has become an area of great potential which we are currently exploiting.
As a mid-size firm we have attempted to identify areas of practice that blends both our skill sets and market opportunities to provide BrookWeiner with a stream of challenging assignments to a wide array of clients. This specialization is helping in hiring and retaining the best available talent.
Additionally, the firm is reviewing its industry expertise with the aim of setting up industry specialty teams. This will allow member of a team to garner advanced training in the nuances particular to that industry.
These steps will help in both providing clients with improved advisory services and enhance the value of our services to our clients.
Contact: Robert Basilin, 516-825-5634 firstname.lastname@example.org
SOURCE Continental Who's Who