When notified of an upcoming audit, the best thing to do is prepare.
By following the steps below, reports financial-planning.com, you and your staff will be ready to meet regulators’ initial requirements.
- Inform all staff members of their roles. Some will need to gather files and information, while others will need to take on extra tasks during the audit.
- Notify third-party providers. If you work with third-party technology firms and portfolio managers, for example, they’ll need to be aware of the audit.
- Gather and review all requested data. Make sure all files are in the correct format. Also review them before handing them over by the set deadline.
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