Audit of clients of Portfolio Manager (PMS)

• 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.

Request you to please share audit report format in this respect. It would be a great help if you also share audit program & checklist. Also, I want to understand professional fees for this assignment. Client has given budget of Rs 80000 for 160 clients in total (Rs 500/ client). Is this fees justified?