CTA-PR, CPO-PQR Accounting and Performance Reporting Sep 30, 2020 Recently, Turnkey has noticed that during NFA audits, examiners are starting to ask more about CTA and CPO accounting methodology. In other words, they want to understand book keeping process and record keeping habits. NFA auditors are also regularly asking firms about accrual-based accounting versus cash-based accounting.
NFA Virtual Audits – A Follow-up Aug 28, 2020 Last month, Turnkey discussed the need for firms to begin maintaining all required documents digitally as well as some recent changes to the NFA audit process. As mentioned, due to the pandemic, NFA has not been traveling since March of 2020 and has been conducting all reviews virtually. Turnkey has assisted on many of these virtual reviews and feels it is prudent to share some key additional takeaways.
CFTC and NFA Compliance: Covid’s “New Audit Normal” Jul 30, 2020 Previously NFA member firms had their annual reviews conducted on-site and in-person, Covid-19 has changed all of that. For the foreseeable future all outside office reviews, including those of FCMs, IBs, GIBs, CTAs, and CPOs will be conducted remotely via a virtual meeting of some type.