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Fintech · Introducing brokers
NFA Introducing Broker Audits (Form 1-FR-IB)
Certified annual 1-FR-IB audits, filed within 90 days of year-end.

NFA introducing brokers

Annual certified Form 1-FR-IB audits for NFA introducing brokers

Greywood CPA audits independent introducing brokers registered with the CFTC and members of the National Futures Association. An independent introducing broker, one not operating under a guarantee agreement with a futures commission merchant, must file a certified annual Form 1-FR-IB audited by an independent public accountant. We are a licensed CPA firm (Virginia Board of Accountancy firm license #134961) working nationwide, at a fixed fee.

The certified annual report is due within 90 days after fiscal year-end. Independent introducing brokers must also maintain adjusted net capital of at least $45,000, and the audit tests that calculation.

Last reviewed: November 2026

Request a fixed-fee proposal Call (804) 630-8140

Which introducing brokers need a certified 1-FR-IB?

Introducing broker typeAnnual filing
Independent IB (no guarantee agreement)Certified annual Form 1-FR-IB, audited by an independent public accountant
Guaranteed IB (guarantee agreement with an FCM)Generally not required to file 1-FR-IB financial reports

Independent IBs also file unaudited Form 1-FR-IB reports during the year on the schedule NFA sets. Check your NFA filing calendar.

Adjusted net capital and the $45,000 minimum

Independent introducing brokers must maintain adjusted net capital of at least $45,000 (or a higher amount if other rules apply). Adjusted net capital starts with equity and deducts assets that aren't readily convertible to cash, such as many receivables, fixed assets, prepaid expenses and unsecured advances, along with applicable haircuts.

  • Classify receivables and other assets correctly as allowable or non-allowable
  • Book accruals so liabilities are complete at every month-end
  • Monitor capital monthly so a drop below the minimum is caught and reported promptly

What the audit covers

  • Statement of financial condition and the other statements in the 1-FR-IB
  • Computation of adjusted net capital and the minimum requirement
  • Supplementary schedules NFA requires
  • Accounting for commissions and fees earned through the clearing FCM
  • Related-party arrangements and expense-sharing agreements

Filing with NFA

The certified annual report is filed electronically with NFA within 90 days of fiscal year-end. An extension can be requested in limited circumstances, but it must be requested before the deadline. We plan fieldwork so the report is ready with time to spare.

How the engagement works

  1. Scoping callDay 1

    A 30-minute call about your organization, who needs the report and your deadline.

  2. Fixed-fee proposalWithin 1–3 business days

    Scope, report type, timeline and one fixed fee, in writing.

  3. One request listWeek 1

    Everything we need, uploaded through a secure portal.

  4. Fieldwork and draftSet in your proposal

    Remote testing, then a draft for your review.

  5. Signed reportOn or before the agreed date

    A CPA partner signs, and we walk you or your board through the results.

Why introducing brokers choose Greywood CPA

  • Fixed fee, agreed first. No hourly billing and no surprise invoices.
  • Senior people on your file. Every engagement is led by a senior professional and signed off by a CPA partner. Meet the team.
  • Licensed and registered. Virginia Board of Accountancy firm license #134961, AICPA member, with out-of-state registrations where required. See our credentials.

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NFA introducing broker audit FAQs

When is the certified Form 1-FR-IB due?

Within 90 days after the introducing broker's fiscal year-end, filed electronically with NFA.

What is the minimum net capital for an introducing broker?

An independent introducing broker must maintain adjusted net capital of at least $45,000, or more if other requirements apply.

Do guaranteed introducing brokers need an audit?

Introducing brokers operating under a guarantee agreement with a futures commission merchant generally are not required to file Form 1-FR-IB financial reports. Independent IBs are.

What reduces adjusted net capital?

Assets that aren't readily convertible to cash, such as many receivables, fixed assets, prepaid expenses and unsecured advances, are deducted from equity, along with applicable haircuts.

How do your fees work?

We quote one fixed fee in writing before any work starts, based on your size and the complexity of your arrangements.

90-day deadline coming up?

Tell us your fiscal year-end. A senior CPA will send a fixed-fee proposal within 1–3 business days.