At the IA Compliance Best Practices Summit on March 20, Lori Richards, director of the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations, named valuation of client assets as the top examination priority of the SEC’s inspection program. The advisory discusses how the SEC’s examination priorities, enforcement action and implementation of the new accounting standard FAS 157 on fair-value measurement may warrant a reexamination by investment advisers of their valuation policies, procedures and disclosures.