An audit confidence check is the latest service to be offered by The Adviser Platform (TAP) to help FAPs decide if they’re ready to respond to an FMA audit.
TAP is a full-service CRM and compliance platform, and its MD Ryan Edwards says the regulator has started conducting monitoring reviews. That meaning advisers are expected to provide the FMA with a range of documents and business data to assist it with their review of a business’s systems and procedures.
“A FAP is required to demonstrate how they’re meeting their licence obligations,” says Edwards.
“Our audit confidence check is designed to simulate a request for information from the FMA that needs to be supplied before a monitoring visit takes place. A FAP can use the tool to determine how prepared they are.”