Orion Advisor Solutions

Learn Valuable Lessons of Audit-Readiness with Our Exclusive eBook

The eBook "A Guide to Audit-Readiness" by BasisCode offers expert insights and practical guidance on overcoming common SEC compliance deficiencies—such as inadequate resources, poor supervision, and lack of tailored procedures—while empowering Chief Compliance Officers and improving recordkeeping to ensure firms are fully prepared for regulatory audits.

What does it take to be audit-ready? The compliance experts at BasisCode share their insights in a new eBook, “A Guide to Audit-Readiness.”

When the SEC calls your number, can you easily extract information and deliver the evidence? Or will your firm share in the common deficiencies and weaknesses that regulators find on a regular basis?

Drawing on decades of first-hand compliance expertise, this eBook is packed with easy-to-digest information crucial to understanding the problems, processes, and solutions required for best practices in compliance.

Common Deficiencies and Compliance Program Weaknesses

Through its Risk Alerts, the SEC actively communicates exam observations. BasisCode assists firms of all sizes with overcoming these common program deficiencies and weaknesses:

  • Inadequate Compliance Resources
  • Failure to Tailor and Implement Procedures
  • Failure to Conduct and Adequately Document Annual Review
  • Failure to Supervise Adequately
  • Conflicts Resulting from Wearing Multiple Hats

The SEC has been vocal in its concerns about the role of compliance, the impact of exam preparedness, and firms’ inadequacies. Two major aspects of compliance deficiencies cited by SEC leadership in the past three years are:

Chief Compliance Officers Not Empowered

In a November 2020 speech delivered by SEC Commissioner Peter Driscoll, Director of the Office of Compliance Inspections and Exams (OCIE, now EXAMS), Mr. Driscoll discussed three key areas in which firms leave the compliance program vulnerable. The guide provides ways in which CCOs can become sufficiently empowered.

Poor Impressions, Incomplete Recordkeeping

SEC Commissioner Hester Peirce described in an October 2018 speech three specific areas in which firms fail to satisfy SEC requests and rules. The Audit-Readiness eBook reviews these areas and provides insights into the SEC’s perspective.

How to Become Audit-Ready

Planning and implementing best practices compliance is not a one-time action. It’s a perennial and fluid process involving policies and procedures, ongoing assessment and adjustment of existing systems, incorporating technology, and training to produce records and evidence.

The eBook, “A Guide to Audit-Readiness,” will help you:

  • Have a firm understanding of compliance programs’ problems, deficiencies, and weaknesses cited by the SEC.
  • Learn the specific solutions that can correct deficiencies and weaknesses and improve compliance preparation.
  • Get your 4-part Audit-Ready Checklist – a framework for best practices compliance programs.