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Audit of clients of Portfolio Manager (PMS)

Others 703 views 2 replies

Ankur Singhal

Student

37 Points Posted on 05 April 2026

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 (2)

Quick Summary

PMS client audit focuses on fund/security segregation, reconciliation, and SEBI compliance. Use a structured audit program, checklist, and detailed report. Fees of Rs 500/client may be low given complexity and documentation needs.

Aashok FC Advisory

Finance Compliance Consultant

1025 Points Posted on 05 April 2026

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.

Ankur Singhal

Student

37 Points Posted on 06 April 2026

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?