Articles

Practical commentary on securities law, exempt market compliance, fund formation, investor reporting, and private capital markets.

Apr 27, 2026

How to Audit Your Policies and Procedures Manual

A policies and procedures manual (PPM) must be a living compliance document. This article outlines how Ontario registrants can audit their PPM under NI 31-103, including review scope, testing of actual practices, regulator focus areas, remediation steps, and how a documented audit cycle strengthens governance and enforcement defensibility.

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