How should mutual fund audit professionals interface with compliance teams? What would an auditor say are the four things every mutual fund compliance team needs to know to build effective relationships? John Braun, a partner in BBD's Investment Management Group, answers these questions for the latest "Your Q&A" column in "Ignites."

The working relationship between the compliance team, auditors and other third-party vendors is critical to the effective management of the fund. The compliance team is at the center of this relationship because of its unique role.

While the intricacies of an effective relationship are complex, four items stand out as important considerations for a compliance team working in conjunction with an auditor and others:

• Proactive vs. reactive communications
• Staying current
• Proper documentation
• Consistent communication

The full column is available to "Ignites" subscribers on the publication's Web site.