FOCUS Reports
Chapters in this video
- 0:00 Priya the Principal and the no-grace-period world
- 1:12 FOCUS defined: the SEC's continuous monitoring infrastructure
- 1:45 Carrying versus non-carrying: the split that drives everything
- 2:23 The 10-business-day monthly sprint for Part I
- 2:47 The 17-business-day quarterly trap for Parts II and IIA
- 4:10 Part III: the 60-calendar-day annual audit beast
- 5:25 Compliance Report versus Exemption Report inside the audit
- 6:00 The December 1 and December 10 accountant statement
- 6:32 PCAOB registration: the fatal procedural failure
- 7:35 Rapid-fire exam recap
What this video covers
- What FOCUS stands for and why it exists: the Financial and Operational Combined Uniform Single report that forces firms to compute net capital and customer reserve formulas on a fixed schedule
- Which firms file Part I monthly within 10 business days (carrying / clearing firms) versus Part IIA quarterly within 17 business days (non-carrying firms)
- Why Part II is quarterly within 17 business days for carrying firms, and how the exam traps you with "20 business days" or "1 month" as wrong answers
- The 60-calendar-day deadline for Part III (annual audit report) and why it runs from fiscal year end, not calendar year end
- When a firm files a Compliance Report versus an Exemption Report, and why there is no option to file nothing at all
- The December 1 statement date and December 10 filing deadline for the statement regarding independent public accountant
- Why the auditor must be Public Company Accounting Oversight Board (PCAOB) registered, and how engaging a non-PCAOB accountant is an automatic violation regardless of audit quality
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