Is your advice business in good shape for an FMA audit?
- Probably (40%)
- Definitely yes (36%)
- Maybe (12%)
- Definitely not (12%)
Loading ...Steven Burgess, CEO Compliance Refinery, says an FMA audit can cause advisory firms both time and money, and take up to five months to conclude.
He says plenty of firms significantly under-estimate the amount of work that’s involved in an audit, and that it can take up to 20 hours of document gathering just to complete a response to the FMA’s initial inquiry.
Burgess also says that when a business is under stress, its staff’s productivity drops – and that’s not just with the directors but advisers as well.
Take part in our poll to indicate how you would fare if an FMA audit letter dropped on your desk.
See our report: How to Handle an FMA Audit