Audit of clients of Portfolio Manager (PMS)

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I have been approached by a PMS company to audit their160 clients. As this is a new area for me, I would appreciate your guidance on the audit approach.

What should be the format of Audit Report, how to verify the segregation of funds for each client, what should be audit checklist & audit program. Please advise

 

Replies (1)
  • PMS audit is mainly about segregation, reconciliation, and compliance.
  • Focus heavily on client-wise tracking of funds & securities—this is the core risk area.
  • Build a structured audit program + checklist, and issue a report covering observations + opinion + annexures.
  • Always align with SEBI PMS regulations and maintain strong documentation.


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