Audits Suck
"๐ผ๐ช๐๐๐ฉ๐จ ๐๐ช๐๐ "
๐๐๐ฌ, they do! Who wants to hear that theyโre having an audit? In our industry, itโs something that happens EVERY. SINGLE. YEAR. Thatโs why we work so hard to make sure that everything we do is compliant and meets the high standards of not only our governing body but also the CFP (Certified Financial Planner) standards. A typical audit consists of an intensive question period of practices and policies as well as a random check of transactions, notes and updated/current information, documentation and compliance procedures. Throw in money laundering regulation tests and privacy and security checks and itโs typically a full day of deep diving into our practice. We have always ended up unscathed with only minor suggestions on new regulations to start implementing. (I mean they have to find something wrong โ am I right?) We try to turn an audit into a positive and use it as a good time to review what is working and what we can improve. Because if youโre not improving then youโre not growing.
A large glass of wine at the end of the day also helps!
-Jodi