NFA conducts periodic on-site audits of its Member firms. The audits are meant to support your firm's commitment to meet its regulatory obligations. During an audit of your firm, NFA auditors will communicate with your firm throughout the audit process. It is important for your firm to maintain accurate information in your firm's Annual Questionnaire. NFA requires that you complete the Annual Questionnaire every 12 months. However, if your customer base or business significantly changes more frequently, we encourage you to update the information accordingly.
Listen to NFA's podcast "Preparing for an NFA Audit" to learn more about the audit process and some tips for how to prepare an NFA audit. NFA announces nearly all of its audits. During audits, you'll encounter a lot of questions as our auditors are ensuring that they are clear in understanding your firm's operations.
How to make the audit process faster for you and your firm:
Tip: If you use third party service providers and will need their assistance to answer the auditors' questions, make arrangements to have the service providers available during fieldwork for conference calls.
New Members may request an educational audit or visit by NFA, voluntarily and free of charge. If an educatonal audit is conducted on your firm, the following areas will be reviewed: