December 19, 2019
Dear Sir / Madam, The California DBO, based on SEC rules, insists that because I am a RIA, I need a PBAOC audit each year for a tiny $500,000 in assets LLC with 8 members. Last year this cost about $7,000, and that was the low bid. This is an onerous regulatory burden for such a small entity, and could be easily remedied by amending the rule to say it applies to pooled assets of $5 million or more. Hope you will consider my suggestion favorably. best regards, Easan Katir Managing Member Cube Point LLC [redacted]