RIA Compliance and Practice Management Blog

RIA Compliance Software Feature Release: Audit Prep Tool

Posted by RIA in a Box

Apr 30, 2019 9:22:07 AM

online RIA audit prep toolOne of our company's longstanding commitments is investing time and resources to make the RIA in a Box service more valuable to the clients we serve. Since launching MyRIAComplianceTM in 2014, we have sought to make our service more efficient and higher quality by combining our human expertise with new tools and features. At RIA in a Box, we release new compliance software features and enhancements on a daily basis.

Our Recent Release: Audit Prep Tool

RIA in a Box recognizes that preparing for a regulatory exam, whether at the state or Securities and Exchange Commission ("SEC") level, can be extremely stressful, time-consuming, and requires significant preparation. Furthermore, understanding exam priorities, processes, best practices, and collecting the necessary materials can often be difficult for firms when preparing for an audit. To create a smoother exam process for the over 1,700 investment advisory firms we serve, we recently launched the industry's first Audit Prep Tool. We developed the Audit Prep Tool to help our clients not only seamlessly handle examinations, but to also continuously refine their internal workflows and regularly review best practices to ensure that the audit process runs as smoothly as possible.  


The tool is separated into two parts: 

  1. Audit Prep

The audit prep component of the tool is designed to prepare compliance teams for regulatory audits by providing reference materials to help better understand the potential areas of focus and the audit process. In this section of the tool, users will find:

  • Sample request letters from state and SEC regulators
  • Past findings and remedies from previous exams
  • Webinars and educational materials
  • SEC and state-level exam priorities reports

sample SEC RIA exam request letters

  1. Regulatory Exam

The Regulatory Exam portion of the tool is designed to streamline the audit process from the time of receiving the initial audit notice through implementing the required changes or deficiencies post-exam. This section includes:

  • Date of Exam to be marked on your Compliance Calendar / Audit Request Letter Upload
  • Findings Letter Upload
  • Post-audit exam findings review with your compliance consultant
  • Ability to request Form ADV changes post-exam

Sample SEC RIA exam deficiency letters


The Audit Prep Tool is a feature of MyRIACompliance®. To learn more about the complete features and pricing of the MyRIACompliance® platform subscription click here.

Schedule a Demo of MyRIACompliance


Topics: RIA Compliance, RIA Technology

RIA in a Box LLC is not a law firm, investment advisory firm, or CPA firm. RIA in a Box LLC does not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities or legal counsel if applicable.

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