"Based on some simple math, we can boil down the odds of a never-audited firm being visited by the SEC in either 2014 or 2015 as a 1 in 9 chance. This is based on the pool of 4,400 advisory firms that have never been inspected, and the assumption that 500 will be visited each year, or 11.4 percent, over the next two years. Since the current examination cycle was already at 9 percent of all RIAs, or a 1 in 11 chance of being randomly selected for an audit, the odds for the 'uninspected' should only increase 1 or 2 percentage points in 2014-15."  MORE >>