October 7, 2015: The Financial Accounting Standards Board (FASB) plans to release in the first quarter of 2016 a proposal to require businesses to provide expanded information in their financial statement footnotes about the tax implications of their foreign earnings and more details about domestic taxes.
The proposal is expected to include requirements that multinational companies provide a breakdown of income taxes associated with foreign earnings versus domestic income and a further breakdown of significant foreign earnings by jurisdiction, said FASB assistant project manager Jamie Dordik at a September 29th meeting of the accounting board’s Financial Accounting Standards Advisory Council (FASAC).
In addition to a breakdown of taxes by country, the FASB wants more details about tax expense. A company’s current tax expense line is made up of several items, including taxes recognized, deferred tax liabilities, and taxes on foreign earnings that were earned and remitted in the reporting period.
Dordik gave the update on the project during a session devoted to income taxes and investor frustrations with current accounting.
New York, New York. (09/29/15) – RotenbergMeril is proud to announce that it has been named to Inside Public Accounting’s Best of the Best list for 2015.
Managing Partner Neal Rotenberg commented on his firm’s recent honor by stating “RotenbergMeril’s recognition as one of the best accounting firms is a tribute to our staff’s work ethic and dedication to providing our clients with the highest level of service. This honor serves to further position RotenbergMeril as a leading public accounting firm in the New York City and New Jersey marketplace.”
INSIDE Public Accounting’s (IPA) annual Best of the Best recognition honors 60 CPA firms across the country for their overall superior financial and operational performance on more than 70 criteria. The right combination of planning, strategy and execution distinguish Best of the Best firms from among more than 500 firms that participated in IPA’s 25th Annual Survey and Analysis of Firms.
“Best of the Best firms aren’t just successful in a financial sense – they’re firing on all cylinders,” says Michael Platt, principal of the Platt Group and publisher of the accounting trade publication, INSIDE Public Accounting. “We look at the whole firm: How do they treat their employees? Are they offering specialized services to their clients? Are they planning now for a new leadership team in the future?”
About RotenbergMeril (rmsbg.com)
RotenbergMeril is a certified public accounting firm with offices in New York City and Northern New Jersey. The firm is ranked as one of the top accounting firms based in the NY Metropolitan Area, servicing clients across the USA and worldwide. The firm is registered with the United States Public Company Accounting Oversight Board, the Canadian Public Accountability Board, and a member of the American Institute of Certified Public Accountants’ Center for Audit Quality, its Employee Benefit Plan Audit Quality Center, and its Forensic Valuation Services (FVS) section. As an independent member of the BDO Alliance USA, we are better able to serve our clients as they expand regionally, nationally and globally, by gaining access to the skills and resources of BDO USA, LLP, while maintaining our autonomy.
A summary of new accounting standards effective in 2014, affecting publicly held and/or privately held companies can be downloaded by clicking here. This is a good source for your disclosure on “New Accounting Prounouncements” to be included in your 2014 financial statements, as applicable. RotenbergMeril is a PCAOB registered accounting firm and qualified to audit United States public companies, broker dealers, registered private equity and hedge funds and registered investment companies. Contact Lawrence S. Meril, Partner in charge of Audit, Accounting and SEC Services at the firm e: firstname.lastname@example.org t:212-660-0050 or at 201-487-8383.
RotenbergMeril is pleased to announce that we received “no comments” from the Public Company Accounting Oversight Board’s (PCAOB) latest inspection of our public company audit practice. A final report was issued on October 30, 2014. Inspections are designed and performed to provide a basis for assessing the degree of compliance by an accounting firm with applicable requirements related to auditing public companies.
The PCAOB review did not identify any audit performance issues that, in the inspection team’s view, resulted in the Firm failing to obtain sufficient appropriate audit evidence to support its opinion on the issuer’s financial statements. Click here to review the PCAOB Inspection report.
SADDLE BROOK, N.J. – August 5, 2014- RotenbergMeril is proud to announce that Ann Callari has been named partner. Ms. Callari leads the firm’s tax department, brings more than 20 years of experience in public accounting and 16 years of experience as a dedicated tax professional to RotenbergMeril. She handles all aspects of clients’ tax compliance, including individual and business returns and representation in federal and state audits. Ms. Callari also has extensive experience in multi-state filings, jurisdictional and Nexus issues. Her industry knowledge is broad and diversified and includes manufacturing, hospitality, wholesale distribution, and professional services. “She embodies our firm’s mission to deliver the highest standard of excellence to our clients. Her commitment to quality service and her breadth of experience make us proud to welcome her as a partner.”
“Ann has been a driving force in corporate and partnership taxation for nearly two decades, and we are excited to announce her partnership,” states Neal Rotenberg, managing partner. “She embodies our firm’s mission to deliver the highest standard of excellence to our clients. Her commitment to quality service and her breadth of experience make us proud to welcome her as a partner.”
Saddle Brook, NJ, Oct. 28, 2013: Our system of quality control for the accounting and auditing practice applicable to our non-public company clients for the review year ended May 31, 2013, has been suitably designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. Click here to see the entire peer review report.
Saddle Brook, NJ – October 15, 2013 -RotenbergMeril is proud to announce that Erika Agatone, director of the firm’s Financial Outsourcing Department, has recently been named partner. Erika has made significant contributions to the firm over the last nine years including the establishment of the firm’s Financial Outsourcing Department. Erika, who has over 20 years of general accounting and mangerial experience, specializes in the implementation of processes and controls within an accounting department. She and her team are responsible for providing outsourced accounting and consulting services throughout various industries. Since starting with the firm in 2004, Erika has,”demonstrated a sincere dedication to our clients and the Firm, as well as a high level of professionalism and technical ability,” states Neal Rotenberg, managing partner. “Promoting Erika to the partner team was an easy decision for our Firm.” Please join us in welcoming Erika as a partner and in congratulating her for her accomplishments.
The SEC has adopted rule amendments that impose additional compliance obligations on broker-dealers. A broker-dealer with custody of client assets will be required to file quarterly informational reports and an annual compliance report with the SEC verifying customer protections and also engage a PCAOB accountant to review the annual report. Broker-dealers without custody must file an exemption report. In addition, firms must agree to allow SEC staff to review accountant work papers. The SEC has also added some restrictions affecting how broker-dealers maintain customer cash including requiring affirmative consent for sweeps to money market funds or bank deposit products. The rule amendments also make firms treat certain assets as liabilities so that net capital will decrease, which may result in required cash support. The amendments affect rules 17a-5, 15c3-3, 15c3-1 and 17a-11.
New York, NY, Jul. 3, 2013: The Obama administration has decided to delay the date companies with 50 or more full-time employees are required to comply with the Affordable Care Act. They’ll now have until 2015. Under the Affordable Care Act, all businesses with more than 50 employees would have had to offer their full time workers’ adequate health insurance or be subject to tax penalties, effective in 2014.
New Conflict Minerals Disclosures for U.S. Public Companies – Are You Ready?
In August 2012, the Securities and Exchange Commission (SEC) approved disclosure rules requiring annual reporting on whether U.S. public companies use conflict minerals originating in the Democratic Republic of the Congo (DRC) or neighboring countries. What is considered conflict minerals? They are such commonly used minerals as tin, tungsten, tantalum, gold, cassiterite, columbite and any of these minerals’ derivatives. This new SEC rule represents a targeted effort to reduce and prevent human rights abuse in foreign countries utilizing the rules of the SEC on U.S. public companies in order to attempt to cut off funding for the warlords that are accused of committing horrible atrocities in those countries. Click here to read the Full Client Advisory.
New York, NY, February 14, 2013 –RotenbergMeril is pleased to announce the expansion of our office in Manhattan in order to serve the growing demand of our corporate and international clients. Our increased presence will strengthen the firm’s ability to serve all of its New York City clients with a centrally located office in midtown, close to Grand Central Terminal.
RotenbergMeril will occupy the entire 25th floor of 369 Lexington Avenue. Previously, we were located on the 16th floor of the building.
Opening an expanded office in New York City is the next step in our firm’s growth strategy. The expansion reinforces our pledge to clients, to continually grow and deliver the very best in service and expertise.
New York, N.Y., Nov. 3, 2012 — In the aftermath of Hurricane Sandy, the Internal Revenue Service and many states and cities announced tax filing and payment relief to affected individuals and businesses. RotenbergMeril is providing a summary of the tax relief for federal, New Jersey, New York State and New York City individuals and businesses affected by the hurricane. Please note that NYS/NYC has extended relief from November 14th to November 26th.
Contact us if you have any questions or need assistance.
The Securites and Exchange Commission recently issued a final staff report summarizing the staff’s analyses and observations related to the work plan that the SEC initiated in February 2010 to evaluate the implications of incorporating IFRSs into the financial reporting system for U.S. companies. The report emphasizes that the SEC has not made “any policy decision as to whether [IFRSs] should be incorporated into the financial reporting system for U.S. issuers, or how any such incorporation, if it were to occur, should be implemented.” Further, the report indicates that before making a decision, the SEC must further analyze and consider “the fundamental question of whether transitioning to IFRS is in the best interests of the U.S. securities markets generally and U.S. investors specifically.” The report does not include a timetable for this effort.
Tony Torchia, CPA, who heads the RotenbergMeril Estate & Gift Tax Practice was a panel speaker at the “Family Owned Business Seminar Series: Strategic Planning to Preserve and Maximize Value” hosted by Herrick Feinstein LLP (www.herrick.com), a top New York City law firm. The panel discussion included strategies that family business owners are using to proactively reduce their risk profile and increase the value of their business. Some of the topics included: succession planning, the process for financing or selling a family business and when an ESOP makes sense.
SADDLE BROOK, N.J., Apr. 4, 2012 — Barry Bertiger, CPA and Tony Torchia, CPA, both tax partners at RotenbergMeril, appeared on News 12 NJ’s “Its Your Money” show today. The show featured an “all-star” cast of tax professionals that doled out tax advice to the viewers and also answered questions from viewers on a myriad of tax compliance and planning questions.
SADDLE BROOK, N.J., Jan. 16, 2012 — RotenbergMeril is pleased to announce that Michael A. Gould, CPA/ABV/CFF, ASA, CFE, CVA has joined the firm’s Litigation Support and Valuation Services Department as a Director. Mr. Gould has over 40 years of experience, most recently as a Director of Litigation and Valuation Services and Senior Partner at a mid-sized Northern New Jersey based accounting firm.
Mr. Gould began his career with a Big 4 accounting firm. During his career, he has been a partner in local and national accounting firms, and has been a CFO of a commercial enterprise. Michael is called upon to perform forensic examinations and prepare valuations and appraisals for strategic planning, litigation, financing, trust and estate and tax reporting, and financial accounting. His expertise includes mergers and acquisitions, sales of businesses, split-ups/spin-offs, succession planning, liquidation/reorganization, mediation/arbitration, buy/sell agreements, estate and gift taxes, business interruption, dissenting shareholder actions, matrimonial, and partner disputes. He has also qualified as an Expert Witness on business valuations, alimony and child support issues in several NJ Counties. His knowledge of closely held and SEC companies allows him to offer clients a multifaceted perspective on valuation, forensic examinations, and accounting and management issues.
Michael’s credentials include the American Institute of Certified Public Accountants’ Accreditation in Business Valuation (ABV) and Certified in Financial Forensics (CFF), Accredited Senior Appraiser of the American Society of Appraisers (ASA), Certified Fraud Examiner (CFE) of the Association of Certified Fraud Examiners, and Certified Valuation Analyst (CVA) as awarded by the National Association of Certified Valuation Analysts.
A large number of individuals and institutions invest a significant amount of assets in private funds, such as hedge funds and private equity funds. However, until the passage of the Dodd-Frank Act, advisers managing those assets were subject to little regulatory oversight. With the Dodd-Frank Act, Congress closed this regulatory gap by generally extending the registration requirements under the Investment Advisers Act to the advisers of these funds. The new law also provided the Commission with the ability to require the limited number of advisers to private funds that will not have to register to file reports about their business activities. Further, in acknowledging the Commission’s limited examination resources and in light of the new responsibilities for private fund advisers, the Dodd-Frank Act reallocated regulatory responsibility mid-sized investment advisers to the state securities authorities. See the SEC’s Fact Sheet on the changes.
FOR IMMEDIATE RELEASE – FROM THE SEC – 2011 -226 Washington, D.C., Oct. 26, 2011; The Securities and Exchange Commission today voted unanimously to adopt a new rule requiring certain advisers to hedge funds and other private funds to report information for use by the Financial Stability Oversight Council (FSOC) in monitoring risks to the U.S. financial system.The rule, which implements Sections 404 and 406 of the Dodd-Frank Act, requires SEC-registered investment advisers with at least $150 million in private fund assets under management to periodically file a new reporting form (Form PF).Information reported on Form PF will remain confidential.Private fund advisers are divided by size into two broad groups – large advisers and smaller advisers. The amount of information reported and the frequency of reporting depends on the group to which the adviser belongs. The SEC anticipates that most private fund advisers will be regarded as smaller private fund advisers, but that the relatively limited number of large advisers providing more detailed information will represent a substantial portion of industry assets under management. As a result, these thresholds will allow FSOC to monitor a significant portion of private fund assets while reducing the reporting burden for private fund advisers.“The data collection form that we have adopted will address the dramatic lack of private fund information available to regulators today while easing the burden on private fund managers producing the data,” said SEC Chairman Mary L. Schapiro.There will be a two-stage phase-in period for compliance with Form PF filing requirements. Most private fund advisers will be required to begin filing Form PF following the end of their first fiscal year or fiscal quarter, as applicable, to end on or after Dec. 15, 2012. Those with $5 billion or more in private fund assets must begin filing Form PF following the end of their first fiscal year or fiscal quarter, as applicable, to end on or after June 15, 2012. Download the SEC’s Fact Sheet on the changes.
New York, NY – October 19, 2011: RotenbergMeril client, Ambient Corporation (NASDAQ:AMBT), publicly traded on NASDAQ, was recently ranked by Deloitte as one of the fastest growing technology companies. See Ambient Corporation’s press release for the details.
New York, NY – October 5, 2011 — We are pleased to announce that RotenbergMeril was named a 2011 All-Star Firm as one of the Top Five Fastest Growing Firms, by region, in the United States by INSIDE Public Accounting. INSIDE Public Accounting (IPA), a monthly industry trade journal annually recognizes All-Star accounting firms. These firms, selected exclusively on their performance in specific areas of practice management, are compared with the hundreds of other firms participating in the IPA Annual Survey and Analysis of Firms.
New York, NY – September 9, 2011 — RotenbergMeril has been appointed as independent auditors for Global Karaoke Network Inc. (OTCBB GKNI). Global Karaoke Network (www.globalkn.com) is a multimedia company specializing in social media music platforms that deliver rich entertainment across a global spectrum of users. The company has developed technologies that include www.MeAndMic.com, the world’s first fully integrated singing social network. MeAndMic.com provides immediate access to online karaoke, using a simple user-friendly platform with access to a wide range of songs for all generations. The company’s mission is to bring the love of music to the global community while providing people with the ability to share and interact in real-time. MeAndMic is a representative for the Karaoke World Champions (KWC) and is building a large fan base for its hybrid of live venue competitions matched with the addition of online entries who will compete in singing competitions on a global scale.
New York, NY – June 1, 2011 — RotenbergMeril is pleased to announce that it has become registered with the Canadian Public Accountability Board (CPAB), and is now authorized to audit Canadian public companies and American public companies that are listed on the Toronto Stock Exchange or the TSX Venture Exchange. By becoming registered with the CPAB, RotenbergMeril is better poised to serve the interests of public companies that are listed both in Canada and the United States. RotenbergMeril is one of only nine accounting firms (which include the Big 4 audit firms) based in the Metro NY/NJ area that can audit Canadian Public Companies.
The CPAB exists to contribute to public confidence in the integrity of financial reporting by public companies in Canada through effective regulation and the promotion of quality and independent auditing. CPAB carries out its mission by conducting inspections of the firms over which it has oversight responsibility. In its inspections of a firm, CPAB reviews the policies and procedures of a firm in the areas of Tone at the Top, Independence and Ethics, Client Acceptance and Continuance, Human Resources/Professional Development, Engagement Performance, Engagement Documentation and Quality Monitoring and then tests the firm’s compliance with these policies and with those standards established by external professional bodies in these areas. In addition, CPAB also reviews part or all of a number of audit files which support the opinions given on the financial statements of reporting issuers.
New York, NY – May 6, 2011 — RotenbergMeril was a sponsor of the 2011 Annual Taglich Brothers Small Cap Equity Conference that was held in Manhattan at the New York Athletic Club on May 3rd, 2011. This was Taglich Brothers’ 8th annual conference for small cap equity. RotenbergMeril has been a sponsor for the last four years.
The conference was a unique opportunity for investors to meet the management teams from small and microcap companies. The conference included detailed investor-oriented presentations by senior management of each company throughout the day.
Taglich Brothers, Inc. is a full-service broker dealer focused exclusively on microcap companies. The Company defines the microcap segment of the equity market as companies with less than $250 million in market capitalization. Taglich Brothers currently offers institutional and retail brokerage services, investment banking and comprehensive research coverage to the investment community.
RotenbergMeril is a leading auditor of small cap public companies, with offices in New York and New Jersey. The firm is PCAOB registered and is considered one of the Top 100 Auditors of United States Public Companies. Contact Larry Meril, Neal Rotenberg or John Guttilla for more information.
New York, NY – March 9, 2011 — RotenbergMeril has been appointed as independent auditors for Mabcure Inc. (OTC-BB: MBCI.OB). MabCure is a publicly traded company, with headquarters in New York City and traded on the over the counter market in the United States. Mabcure is a biotechnology company whose primary mission is to develop novel diagnostics for the early detection of cancer when the disease is still localized and treatable. MabCure’s longer term goals are to provide physicians with novel antibodies and drugs that effectively attack only cancer cells while sparing normal tissue and minimize toxic side effects.
New York, NY – January 31, 2011 — Rotenberg Meril Solomon Bertiger & Guttilla, P.C, one of the top ranked independent accounting firms based in the New York Metro area, has announced that it has rebranded its name and logo to RotenbergMeril, effective February 1, 2011.
This announcement coincides with the firm’s plans to expand its New York office and increase its presence in New York City. The firm also has offices in Saddle Brook, and Woodbridge, NJ.
Neal Rotenberg, RotenbergMeril’s Managing Partner, commented on the rebranding: “This will allow us to bring a cohesive and easier brand identity to the marketplace and more in line with the other top accounting firms that we compete with. The firm’s legal name will remain unchanged so as to retain our founding identity, however, the new branded name will help the firm further market its presence in New York City, regionally, nationally and worldwide.”
Neal Rotenberg, who has been the firms Managing Partner since its inception, also noted that the timing of this announcement fits well with other positive changes at RotenbergMeril, which will celebrate its 25 year anniversary this year. In the coming year, the firm plans to focus its business development efforts on taking advantage of the strong reputation and expertise it has in providing audit, tax and valuation services to emerging public companies, private equity and hedge funds, and broker-dealers in securities, and planning to further market its services under the new RotenbergMeril brand.
The company has also adopted a new logo, graphic element and firm color scheme to promote the firm’s new identity. The new logo and color scheme can be seen on our website.
New York, NY – October 18, 2010 — RotenbergMeril has been appointed as independent auditors for Regenicin, Inc. (OTC-BB: WDST). Regenicin is a publicly traded company, with headquarters in New York City and traded on the over the counter market in the United States. Regenicin is a clinical-stage company developing next-generation tissue-engineered skin substitutes to restore the qualities of healthy human skin. Future commercialization of its proprietary tissue-engineered skin substitute product, PermaDerm™, is intended to restore the qualities of healthy human skin for use in the treatment of burns, chronic wounds and a variety of plastic surgery procedures.
Ann Callari, CPA, MST has become the “Tax Chick” and blogs on accountingweb.com. Ann is a Senior Tax Manager at the NJ Regional Firm, Rotenberg Meril Solomon Bertiger & Guttilla, PC in Saddle Brook, NJ. Ann specializes in corporate and partnership taxation as well as multi-state compliance issues. Ann has always worked in public accounting and enjoys the tremendous challenge of staying abreast of the ever-changing tax laws. She feels public accounting keeps you sharp and on your toes. Ann is a working mother who continually juggles the demands of the children she adores and the career that she is passionate about. She looks forward to sharing her tax knowledge and professional experiences with her fellow accountants and other readers, and encourages a healthy exchange of ideas and commentary.
Saddle Brook, NJ – August 11, 2010 — Rotenberg Meril Solomon Bertiger & Guttilla, PC, Certified Public Accountants, has been appointed as independent auditors for BIO-key International, Inc. (OTC Bulletin Board: BKYI). BIO-key is a leader in finger-based biometric identification solutions and develops and delivers advanced identification solutions to commercial and government enterprises, integrators, and custom application developers. BIO-key’s award winning, high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise applications. Their solutions are used in local embedded OEM products as well as some of the world’s largest identification deployments to improve security, guarantee identity, and help reduce identity theft. BIO-key’s technology is offered directly or by market leading partners around the world.
Larry Meril, partner in charge of the RMSBG/RotenbergMeril SEC Audit Practice attended the 2010 Reverse Merger Conference in Toronto during June 2010.
The conference is the largest event of the year for professionals in the business of alternative IPO transactions. This two-day conference featured technical training on the latest issues relating to reverse mergers, self-underwriting, and other alternative routes to the public market. This annual event has a global focus and was held in Toronto for the first time. The conference covered traditional U.S. listing options as well as explored the benefits of going public on Canadian exchanges by including discussions of issues related to cross border considerations for U.S. and Chinese Companies.
RMSBG provides both audit and outsourced financial reporting services to emerging public companies. Contact Larry Meril for more information.
Saddle Brook, NJ – Feb 22, 2010 — RMSBG’s own R.J. Dragon MBA, MS, ASA has become the AccountingWeb.com‘s blogger on Business Valuation. Ray is a business valuation consultant based in our Saddle Brook, New Jersey office. His work encompasses valuations for litigation support, estate and gift tax, marital dissolution, intangible asset valuation, purchase price allocation and financial reporting.
Ray replaces Eva Lang as the official business valuation blogger of the AccountingWEB Bloggers Crew. Eva Lang was the first woman elected to the AICPA Business Valuation Hall of Fame and she is currently the Executive Director of the Financial Consulting Group, the largest alliance of business valuation firms, and currently sits on the American Society of Appraisers Business Valuation Committee. “It’s a real honor for me to follow in the footsteps of Eva, she is a consumate business valuation professional” states Ray.
New York City – Feb. 25, 2010 — Neal Rotenberg, managing partner of RMSBG, will be speaking on Tuesday, March 9, 2010 at The New York City Bar Association’s seminar “Essentials Setting Up a Law Practice“. Mr. Rotenberg will be speaking about the accounting and tax issues that need to be addressed when setting up a law practice, such as:
- Entity selection
- Tax compliance & sales tax issues
- Accounting issues relating to trust accounts & bookkeeping
- Compensation arrangements
Besides Mr. Rotenberg, the panel of speakers will include attorneys from the law firm of Moses & Singer, a Columbia law professor and a senior legal counsel from Wachovia bank. They will provide guidance on the myriad of issues to be considered in starting a new law practice.
RotenbergMeril has further expanded its New York City presence by being appointed as the New York City member accounting firm of the MSI Global Alliance, the 16th largest association of accounting and professional firms in the world.
Managing Partner of RotenbergMeril, Neal Rotenberg states “We are extremely pleased at being appointed the New York City member firm of MSI. Our accounting practice is acutely attuned to the major industrial niches that thrive in NYC, and we will be able to provide the sophisticated and complex accounting and tax services to clients operating in the New York Metropolitan Area, and assist our fellow MSI Member firms in servicing their clients with New York City operations.”
The firm’s market niches include public company and broker-dealer audits, international taxation and mergers and acquisitions, and industry niches such as private equity, restaurants/hospitality, real estate and construction, apparel and importers/distribution.
RotenbergMeril has been a member firm of the MSI Global Alliance since 1999, and also represents the organization accross New Jersey, with its two offices in Saddle Brook and Woodbridge, and now with its NYC appointment, the firm covers the entire NYC/NJ metropolitan region for MSI.
MSI Global Alliance member firms are among the leading and most reputable independent, local law and accounting firms in their marketplaces, and specialize in serving entrepreneurial, nationally and internationally focused companies varying from the sole proprietor to the closely held business, to the subsidiary of a multinational company. Large corporate clients using MSI member firms include ABN AMRO BANK, Bharti Televentures, Colgate Palmolive, Intel, Microsoft, Paychex Inc., Regus, Rolex, South African Airways, Starwood Resorts & Hotels, and TOTAL.
On December 16, 2009, the Securities and Exchange Commission (the “SEC”) voted unanimously to amend Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940, as amended. The amendments approved by the SEC are intended to address recently disclosed misappropriations of client assets by registered investment advisers and restore public confidence in the investment advisory industry and the SEC.
This measure is intended to ensure that no more Bernard Madoff type schemes slip through the cracks. The rule, called by some “the Madoff fix,” requires surprise audits of investment advisers that have custody of client assets. It was approved unanimously by a five-member SEC committee.
The surprise-audit rule, a direct result of the Madoff Ponzi scheme, requires certain SEC-registered advisers who have custody of clients’ assets to retain PCAOB registered independent public accountants who are subject to inspection by the PCAOB to conduct an annual surprise exam to verify that the client’s investments actually exist. If funds are found missing during the process, the accountants must notify the SEC.
The new rule exempts advisers who have limited access to customers’ money and only have the ability to collect agreed-upon adviser fees. Overall, about 1,600 of the roughly 11,300 investment advisers will be subjected to the surprise audit requirement, according to SEC staffers.
The rule also includes new requirements that auditors explain the basis for ending their service to an adviser. Forcing an auditor to explain their reasons for leaving an advisor could serve as a red flag to the SEC and the advisers’ clients that something is awry.
RMSBG is a PCAOB registered firm and has been inspected every three years by the PCAOB since the enactment of the Sarbanes-Oxley Act and able to perform such “surprise audits.” Contact Larry Meril or John Guttilla for more information on the firm’s services.
Woodbridge, NJ – Dec. 9, 2009 — Barry Bertiger, CPA will be installed as the Secretary/Treasurer of the Woodbridge Metro Chamber of Commerce for 2010 at the Chamber’s annual holiday luncheon on December 10th. The Chamber, founded in 1964, is a voluntary organization of business, industry, retail and professional people working to improve the economic and civic growth in the Woodbridge, NJ area. The Woodbridge Metro Chamber of Commerce is a member of the New Jersey Chamber of Commerce and the U.S. Chamber of Commerce. Barry is the Woodbridge Office Managing Partner at the accounting firm of Rotenberg Meril Solomon Bertiger & Guttilla, P.C.
Syracuse, NY, – December 1, 2009 – Neal Rotenberg, managing partner of RMSBG, has recently been appointed to Syracuse University’s Lubin School of Accounting Advisory Board, an external board that helps direct the future of the accounting program. Neal is a graduate of the Syracuse University Whitman School of Management and its Joseph I. Lubin School of Accounting, and went on to earn a masters in taxation from Seton Hall University. Upon graduating from Syracuse University, Neal joined the Newark, NJ office of Arthur Young (now Ernst & Young), where he eventually became a tax manager. Neal co-founded RMSBG in 1986 along with fellow Syracuse University and Arthur Young alum Larry Meril. RMSBG is now considered the leading regional accounting firm based in Bergen County, NJ, and one of the Top Accounting Firms in New Jersey, according to the weekly business journal NJ Biz, and New Jersey Business Magazine.
On November 4, 2009, the House of Representatives Financial Services Committee approved a permanent exemption for small public companies from Sarbanes-Oxley Section 404(b). That section required an auditor’s attestation of a public company’s system of internal accounting controls. For several years, the SEC delayed imposing the requirements for non-accelerated filers, or those companies with public floats of less than $75 million. The House panel voted just weeks after the SEC decided to end the exemption. The bill still needs to clear House and Senate vote and approval by the President to become law.
On October 2, 2009, the Securities and Exchange Commission (SEC or the Commission) announced an additional six-month deferral for non-accelerated filers from complying with the provisions of Section 404(b) of the Sarbanes-Oxley Act of 2002. Under this extension, non-accelerated filers (smallest public companies with a public float below $75 million) will now be required to provide the auditor attestation reports in their annual reports for fiscal years ending on or after June 15, 2010. The expiration date previously had been for fiscal years ending on or after December 15, 2009.
SEC Chairman Mary Schapiro stated, “Since there will be no further Commission extensions, it is important for all public companies and their auditors to act with deliberate speed to move toward full Section 404 compliance.”
Saddle Brook, NJ – Oct. 2, 2009 — CaseyCorp Enterprises, Inc., a publicly traded company on the Over the Counter Bulletin Board (OTC:CCPR.OB) has engaged Rotenberg Meril Solomon Bertiger & Guttilla, PC to be its independent auditors for the year ended December 31, 2009. CaseyCorp, previously a shell company, acquired two operating companies during 2009 that are involved in the wholesaling of gold and diamonds.
Saddle Brook, NJ – Sept. 29, 2009 — Rotenberg Meril Solomon Bertiger & Guttilla, (RMSBG) is pleased to announce that the accounting firm of Torchia Foster, PA will be merging with and into RMSBG, effective October 1, 2009, and Antonio Torchia, CPA will be joining the firm as a partner, along with his professional and support staff. The combined firm is projected to be the largest independent accounting firm based in Bergen County. Read the full Press Release. Also see this article regarding the merger.
Rotenberg Meril Solomon Bertiger & Guttilla, PC is pleased to announce it has been engaged as independent auditor by three new broker dealer clients in 2009, and we expect that figure to grow as non PCAOB auditors exit the Broker/Dealer audit space.
As discussed in our February 5, 2009 news release, with the expiration of an SEC order granting temporary exemption to non-issuer broker-dealers from filing financial statements that have been audited by a PCAOB registered public accounting firm, many auditors previously engaged by Broker/Dealer’s have decided not to register with the PCAOB and are resigning as auditors of record for Broker/Dealers.
FINRA has issued a press release to remind broker/dealers that the SEC’s December 12, 2006, Order permitting non-public broker-dealer firms to have their balance sheet and income statements audited by independent public accounting firms not registered with the Public Company Accounting Oversight Board (PCAOB) expired December 31, 2008.
RMSBG has been registered with the PCAOB since 2003 and with a former NASD-licensed Financial Operations Principal-(Series 27) on our leadership team, we are uniquely qualified to help broker-dealers comply with regulatory filing requirements. Our professionals are knowledgeable in the accounting, tax and regulatory issues specific to this industry.
Saddle Brook, NJ – December 12, 2008 &emdash; On December 9, 2008, the audit committee and board of directors of Air Industries Group, Inc. (OTCBB:AIRI) appointed Rotenberg Meril Solomon Bertiger & Guttilla, P.C. as their independent auditors. Air Industries Group, or AIRI, is a publicly traded aerospace and defense company. AIRI designs and manufactures structural parts and assemblies that focus on flight safety, including landing gear, arresting gear, engine mounts, flight controls and throttle quadrants. The Company also provides sheet metal fabrication, tube bending and welding services, as well as distributing specialty metals that are a critical component in the aerospace supply chain.
AIRI’s products are currently deployed on a wide range of high profile military and commercial aerospace platforms including Sikorsky’s UH-60 Blackhawk helicopter, Lockheed Martin’s F-35 Joint Strike Fighter, Northrop Grumman’s E2D Hawkeye, Boeing’s 777 and Airbus’ 380 commercial airliners.
Washington, D.C. – November 21, 2008 — The Public Company Accounting Oversight Board has issued the final results of its 2008 inspection of RMSBG’s public company audit practice. The firm is pleased to announce that the review by the PCAOB did not identify any audit performance or quality control issues relating to RMSBG’s public company audit practice. You can view the report by clicking here.
Saddle Brook, NJ – September 19, 2008 — Les Solomon, CPA/ABV, ASA, a partner at the accounting firm of RMSBG, will be this years Co-Chair of the New Jersey Society of CPA’s 2008 annual Litigation Support and Business Valuation Conference, to be held at the Woodbridge Hotel & Conference Center (formerly Sheraton at Woodbridge Place) located at 515 Route 1 South in Iselin, NJ. The conference will be held on Friday, September 26, 2008.
Les Solomon is a business valuation and litigation support industry expert and directs the RMSBG practice in this area. He can be reached at 201-487-8383 or via email at email@example.com.
August 15, 2008 — Accounting firm RotenbergMeril renewed approximately 15,000 square feet at Park 80 West in Saddle Brook, NJ.
The firm, which has other offices in Woodbridge, NJ, and New York, occupies space in Building I of the two-building office complex. Building I was completed in 1972 and renovated in 2005, and totals 224,645 square feet over six stories.
In conjunction with its lease renewal the firm has also re-configured and updated its space to allow for future employee expansion in its Saddle Brook headquarters by approximately 40%. RotenbergMeril continues to be one of the largest tenants at Park 80 West, Plaza One.
Park 80 West is one of the top commercial office complexes in Northern New Jersey, located at I-80 and the Garden State Parkway. It is a prime location with excellent access to New Jersey’s major Highways and New York. With building amenities such as a fitness center, boardroom, sundry shop, dry cleaners, cafeteria, copy center, shoe-shine, masseuse, yoga classes, weekly vendors, and car wash services, many needs can be fulfilled on the premises.
Saddle Brook, NJ – July 11, 2008 — EP Global Communications, Inc., traded over the counter under the symbol EPGL.OB, has appointed Rotenberg Meril Solomon Bertiger & Guttilla, P.C. as their independent auditors. EP Global is a communications company that provides information for people with disabilities and special healthcare needs. It offers Exceptional Parent Magazine, which provides information, resources, and support to families, professionals, and caregivers who help and participate in the development of people with disabilities and special needs. The company also offers a journal for physicians, educators, nurses, therapists, and families. In addition, the company offers EP LiveOnline, an online interactive educational seminar; operates Disability Awareness Night programs at league baseball stadiums; and operates EP Bookstore that offers disability-specific books and videotapes dealing with a range of disability topics.
On June 20, 2008, the Securities and Exchange Commission (SEC) approved a one-year extension of the compliance date for auditors of smaller public companies under the Section 404(b) auditor attestation requirement of the Sarbanes-Oxley Act of 2002 (P.L. 107-204).
The Commission said that with the extension, smaller companies will be required to provide auditor attestation statements in annual reports for fiscal years ending on or after December 15, 2009. During a House Small Business Committee in December 2007, SEC Chairman Christopher Cox said the delay would help the agency gain the data it needed to fully assess the costs small companies incur complying with Section 404.
Saddle Brook, NJ – May 23, 2008 — Who audits America’s public companies? We all know the Big 4 do, but did you know a top SEC audit firm is also based right here in Bergen County? Rotenberg Meril Solomon Bertiger & Guttilla, P.C. has its headquarters in Saddle Brook, NJ, and they are ranked as being the 58th largest public company auditor in the United States (See the Listing of Top SEC Auditors). The firm’s audit practice is headed up by Larry Meril, a co-founder of the firm, who states: “We’ve been ranked as having one of the top SEC audit practices three years running, and we attribute our success in this area to providing very responsive quality service to the small to midsize public company that has typically been underserved by the big audit firms.” For more information about the services that RMSBG provides to public companies, contact Larry Meril at 201-487-8383 or email him at firstname.lastname@example.org.
*based on data compiled by the firm as of March 2008.
Saddle Brook, NJ – May 5, 2008 — RotenbergMeril continued its annual participation as an exhibtor at the 2008 Association of Trial Lawyers Boardwalk Seminar held in Atlantic City on May 1st and 2nd. RMSBG was represented by Les Solomon, CPA, ASA, ABV, who leads the firm’s Litigation Support Practice. Les can be reached at our Saddle Brook office at 201-487-8383 or email him at email@example.com
Saddle Brook, NJ – February 8, 2008 — The SEC has proposed a one-year extension of the requirement to provide an auditor’s attestation report on internal control over financial reporting for non-accelerated filers. Under a proposed amendment of existing temporary rules, non-accelerated filers would first need to file an auditor attestation report on internal control over financial reporting in annual reports filed for fiscal years ending on or after December 15, 2009. The auditor attestation is required by Section 404(b) of the Sarbanes-Oxley Act of 2002. Comments on the proposed amendments are due 30 days after publication in the Federal Register. To view the proposed amendment of the rules, visit the SEC’s website.
Saddle Brook, NJ – JAN 28, 2008 — The Securities and Exchange Commission has adopted a new system of disclosure rules for smaller companies filing periodic reports and registration statements with the SEC. The new rules are effective February 4, 2008. They are scaled to reflect the characteristics and needs of smaller companies and their investors. They replace the disclosure requirements formerly in the SEC’s Regulation S-B, which applied to “small business issuers.” The SEC has prepared a compliance guide that explains the new rules. Click here to download the Compliance Guide.
Saddle Brook, NJ – January 2, 2008 — Rotenberg Meril Solomon Bertiger & Guttilla, P.C. recently assisted Gulfstream International Group in going public on the American Stock Exchange. Gulfstream International Airlines, a Florida-based commercial airline, currently operates more than 200 scheduled flights per day under the Continental Connection banner. RMSBG was engaged to audit the annual financial statements of the airline included in the registration statement filed with the U.S. Securities and Exchange Commission.
Saddle Brook, NJ – DECEMBER 22, 2007 — The staff of the Securities and Exchange Commission published Staff Accounting Bulletin (SAB) 110, which amends SAB 107 to allow for the continued use, under certain circumstances, of the “simplified” method in developing an estimate of the expected term of so-called “plain vanilla” stock options accounted for under FAS 123R, Share-Based Payment.
SADDLE BROOK, NJ – June 4, 2007 — Les Solomon, Director of the Business Valuation Department of Rotenberg Meril Solomon Bertiger & Guttilla, P.C., Certified Public Accountants, was quoted on the website www.webcpa.com on June 4, 2007, in an article titled Business Valuations: Putting a Value on Valuation, by Liz Gold.
Saddle Brook, NJ – January 15, 2006 — Larry Meril and Neal Rotenberg were cited by their alma mater, Syracuse University, for their success in founding one of the top regional accounting firms in NJ. Read the article (see page 6).