FINRA Financial Calculator Audit
Independent audits of FINRA's financial calculators were conducted. The audit process sought to verify the accuracy of each tool given its specific assumptions and limitations.
Broker Village is FINRA Investor Education’s primary provider for online tool auditing services and related investment analytics. Broker Village provides decision-making analytics, prospectus and online tool auditing services, and revenue optimization services to fund firms, brokerage firms and regulators.
FINRA engaged Broker Village to conduct an independent audit of the following FINRA tools to confirm, refine, and verify the calculation methodologies for accuracy and completeness:
- Fund Analyzer
- Loan Calculator
- Retirement Calculator
- Savings Calculator
- Accrued Interest Calculator
- College Savings Calculator
- Required Minimum Distribution Calculator
- 401(k) Save the Max Calculator
The goal of these audits was to ensure that each tool generates accurate answers and provides appropriate interpretive text. The answers must also reflect appropriate industry practices, accounting standards, and SEC requirements.
Broker Village applied relevant aspects of the CFA Institute’s Code of Ethics and Standards of Professional Conduct, Global Investment Performance Standards, and research report rules. Broker Village confirmed that proper analytical methods were used, conflicting methods were duly considered, and that material assumptions were correct and disclosed appropriately. Some audits also included a CPA determination letter. FINRA had no influence over the audit results.
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