GO BACK TO BLOG
March 20, 2024
Does your compliance program incorporate professional skepticism?

We would like to encourage you to read a new statement by the SEC on professional skepticism and audit quality by Paul Munter, Chief Accountant. Click Here.

What exactly is professional skepticism you may ask? Professional skepticism is a fundamental concept in auditing. It involves maintaining a questioning mindset, critically analyzing audit evidence, and being alert to any signs of misstatement—whether due to fraud or error.

You may now be asking so why is understanding an auditor’s viewpoint important? The SEC has stated and published their stance: “A well-designed and resilient compliance program and compliance staff should be able to adjust, pivot, and address a range of conditions and scenarios.”  Do you consider and discuss with your senior leadership how your processes could be viewed by clients, auditors, and industry peers?

If you answered no above after reviewing the SEC statement, consider Avery by RegVerse.  Avery by RegVerse's AI combines cutting-edge technology with compliance experts to help you build, scale, and enhance your firm’s regulatory compliance.

Recognizing the dynamic nature of regulations and the increasing complexities involved, the adoption of automated solutions for various aspects of the compliance workflow has emerged as a game-changer. In the coming years, the synergy between automation and AI is expected to bring unprecedented levels of efficiency and foresight to our compliance endeavors. Imagine systems that not only automate routine tasks but also learn from data patterns, adapting dynamically to regulatory changes and proactively identifying potential risks. This combination holds the potential to create a compliance framework that not only meets current standards but anticipates future requirements, positioning financial services and wealth management professionals at the forefront of innovation. The result is a comprehensive approach to compliance that not only ensures adherence to regulations but also enhances the overall client experience.

Questions?We’re just a click away. No waiting lines, no canned responses. Real help, real fast.

Contact RegVerse

Resources:

Key Terms: SEC statement, SEC, Professional skepticism, Auditor, AI

RegVerse Team