All NFA-regulated Forex firms are subject to having their firm go through an NFA Audit. There are about 1000 NFA audits per year, and when there is an audit, it will take place at the firm's offices. If a firm is going to be audited, the NFA will usually tell the firm through a phone call close to when the audit is going to begin.
There is no set amount of time that it will take for the audit to be completed. The time varies by firm and audit findings. Of course, the NFA Auditors will try keep any impact on business operations at a minimum, but they still must spend a proper amount of time during their review to ensure that they do a thorough job.
There is communication between the firm and the NFA auditors during the review process. If a problem is noticed during the audit, the firm will be told right away and will have enough time to fix whatever the problem is. The NFA will also go through an exit interview where it will review notes from the audit and discuss any problems, and it will also give the firm with a written report as a record of the audit.
NFA requires that all of its member firms fill out an annual self-exam checklist in order to help the NFA make sure that the firm is complying with the NFA and CFTC rules. There are also other yearly compliance procedures that firms will have to complete in addition to the Self-Examination checklist.
For more information about the NFA Examinationor NFA Audit, please talk to a knowledgeable forex lawyer.
Ariana Adams writes articles on forex and hedge fund related issues.
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