News | Press release
NFA Adopts Recommendations of Peregrine Financial Group Audits
National Futures Association
The National Futures Association announced that at a special meeting of its Board of Directors today, the Board voted to accept the recommendations made by Charles Lundelius, who led an independent analysis of NFA’s audits of Peregrine Financial Group, Inc. NFA staff will shortly develop a plan to act on the recommendations. The Board will also appoint a special committee to oversee the timely implementation of the recommendations.
The recommendations are “designed to improve the operations of NFA audits” based on the results of its analysis. The recommendations cover a wide range of topics, including auditor hiring, training, supervision, and continuing education. In particular, the report recommended that NFA enhance its training and procedures to ensure a greater sense of professional skepticism among its audit staff.