Partner Stacy Louizos was quoted by industry publication Fund Board Views for their article “CCO, Culture Are Keys to Proper Compliance.”
Louizos told the publication that one way boards can make sure proper compliance procedures are being conducted is to check if the adviser plans to bring in an outside consultant to do a mock audit.
"People often find this very helpful, and it is an audit of the procedures and how they are implemented," she said.
Louizos also noted that if any exceptions are found, the board should confirm that the adviser takes corrective action.
Read Fund Board View's “CCO, Culture Are Keys to Proper Compliance.” (Subscription required)