TITLE

'They're Here...' How to Survive an Audit

AUTHOR(S)
Opiela, Nancy
PUB. DATE
November 2002
SOURCE
Journal of Financial Planning;Nov2002, Vol. 15 Issue 11, p52
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article offers advice on audit preparation and survival. The first impulse for many planners who had advance notice of the audit was to reach out to colleagues who had been through an audit. In addition to moral support, these planners offered the soon-to-be-audited answers to their most pressing questions. Most important in the preparation stage, however, is to allocate the time necessary to gather all the information requested in advance. And, in concentrating on these documents, do not overlook a quick fix. On audit day, planners say it is important to set an appropriate professional tone. Of course, the key to a successful audit happens long before the response to the knock at the door. For many smaller firms without compliance managers, the responsibility for staying up-to-date with changing regulations and requirements falls on the planner. Some planners use consultants to conduct mock audits. It is non-threatening. In addition to having a compliance manager, the best way to be sure is with a trial run. With the down market providing a backdrop, many planners have noticed a recent focus on consumer protection. In general, planners seemed to appreciate the thoroughness of the audit and none described the experience as adversarial. In fact, in many cases, planners report that their business was stronger as a result of the experience.
ACCESSION #
7866171

 

Related Articles

  • Compliance Policy Manual: Is Yours Up to Date?  // Journal of Financial Planning;Jul/Aug2008 Supplement, p30 

    The article discusses the importance to registered investment advisors of having a manual on compliance policy. Such manuals were made mandatory by the U.S. Investment Advisors Act of 1940. Fortunately, the Financial Planning Association has published a document that can help professionals...

  • Scoring A+ for compliance — Part 2. Derham, Paul // Money Management;9/19/2013, Vol. 27 Issue 36, p20 

    The article discusses part 2 of compliance audit which focuses on recruitment of financial planner and compensation arrangements. Reports from the Australian Securities and Investments Commission (ASIC) reveal that a poor quality appointment process might result in a firm that employs not...

  • Do cheap dealer groups spell bad compliance? Pokrajac, Milana // Money Management;4/11/2013, Vol. 27 Issue 13, p1 

    The article focuses on the risk of having an insufficient compliance resources of groups that offer low-cost services to financial planning practices.

  • Doing Good and Doing Well. Grant-Smith, Linda // Financial Planning;Oct2015, Vol. 45 Issue 10, pA13 

    The article explains the attributes that help women excel as Certified Financial Planners (CFP). It notes the essential qualities that CFP professionals must have to guide clients including integrity, compassion, and competency. It cites that the empathy and creativity innate in most women make...

  • The Global Finance Men: Who They Are, How They Work.  // Time;5/14/1965, Vol. 85 Issue 20, p111 

    The article offers information related to the role of the investment advisors to global economy. It states that investment advisors would meet at the conference tables to make decisions that could affect the fate of governments in casting their appraisals on the economy of different countries....

  • The Lap. Miller, Bill // Research;Jan2010, Vol. 33 Issue 1, p72 

    The article discusses how financial advisors in the U.S. finish the lap 2010 with eyes open to opportunity and mindful of road hazards. It recounts several situations reflecting on financial planning which include a car racing and the arrest of a father outside an elementary school. It also...

  • The Two Year Plan for Advisor Success. GOOD, BILL // Research;Dec2014, Vol. 37 Issue 12, p51 

    The article discusses the way to increase the amount of asset under management (AUM) within two years for attaining advisor success. Topics covered include a sample case of how an imaginary financial advisor called Justin Case can achieve financial advisor success by making achievable plans,...

  • The Hot Job of Financial Planning&hellip.  // Journal of Financial Planning;Feb1998, Vol. 11 Issue 1, p16 

    Comments on the article featured in "U.S. News & World Report" about financial planning. Popularity of the career in financial planning; Demand for financial planners in the banking, brokerage and mutual fund fields; Failure of the magazine to mention designations or licenses.

  • 'Soft Dollars' and Other Brokerage Arrangements. Lins, Gerald T. // Journal of Financial Planning;Feb1998, Vol. 11 Issue 1, p89 

    This article presents information on soft dollars and other brokerage arrangements. Over the past year or so, the issue of "soft dollars" has been the subject of increased media and regulatory attention. The term is not specifically defined in any rule or statute, and at times has been used...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics