February 6, 2014 – According to NASAA (the North American Securities Administrator’s Association), their members performed over 1,000 audits of Investment Advisers in the first six months of 2013, resulting in over 6,000 deficiencies! The Syndicate, in its effort to proactively assist its members and provide education on business and regulatory matters, would like to direct your attention to an information website provided by the Missouri Securities Division for RIA’s and IAR’s. The website provides information about common deficiencies and how to avoid them and can be found here.  Having private counsel available by phone or in person during the audit and reviewing key information provided in the pre-audit packets regulators provide for most not-for-cause audits is also wise.  Audits can be stressful and time consuming, but being prepared will play a big role in reducing the stress and helping you reduce the potential number of deficiencies.