I’ve spoken with many advisors over the years. Some owned their own one-man advisory shop and others worked for a smaller firm. Whenever the subject of an audit came up, many said they hadn’t been audited in years, and some even said they’d never been audited. Well, as luck would have it, I’ve drawn the short straw. I’ve received notification of an audit.
The bottom line is this. I view this as an opportunity to learn more about what I need to be doing. It’s been my experience that the regulators are not out to get you. I think of them as experts at what they do, and for me, it’s like a free consultation. I get to learn about the things that are important from a legal and regulatory standpoint. Since my business is relatively new there shouldn’t be a tremendous amount of information to address.
I’ll let you know how it comes out.