Firms may feel that if they have policies, procedures, and controls in place to protect client assets, maintain records, and avoid conflicts of interest, they are prepared for an exam. Being compliant in and of itself is not the same as being prepared for an exam. Knowing what to expect and how to prepare will help you avoid panic when you receive that phone call or hear that knock on the door.
An SEC exam can be a stressful experience, but some basic advance preparation can make the entire process far less of an ordeal.
