Spicer Jeffries LLP was one of the five CPA firms selected throughout the United States by the NASD to implement the NASD’s Annual Audit Automation Pilot Program.  The other firms selected to implement this program are Deloitte Touche, PricewaterhouseCoopers LLP, Ernst & Young LLP and Grant Thornton LLP.  Spicer Jeffries LLP was selected along with these firms based upon the large clientele of securities broker-dealers that Spicer Jeffries LLP currently audits.  The selection of the client member firms will be a varied cross section (i.e. Clearing, Non-Clearing and Commodities Clearing Firms) of securities broker-dealers.  Each firm will select 10 to 15 of its current securities broker-dealer audit clients to transmit their prior year annual audits to the NASD.  The Project is expected to be implemented over the next 12 to 18 months and when the final program is approved by the SEC all annual audits currently filed in hard copy by NASD member firms are expected to be electronically filed on behalf of the member firms by their respective CPA Firm.  One of the first phases of the program is to implement a Proof of Concept program that assesses the feasibility of electronically capturing the Certified Annual Audit filing information through the use of XBRL standards-driven technology.