The Alternative Investment Management Association (AIMA) recently hosted a “Back to Basics” webinar to help registered investment advisers prepare balanced annual compliance reviews that demonstrate a strong compliance program and avoid unnecessary SEC scrutiny. Among other topics, the webinar discussed who should conduct the annual review, the role of regulatory technology, considerations when documenting the review, common pitfalls that managers face and tips for how to address issues that arise during a review. The webinar, entitled “The Whats, Whys, and Hows of a Comprehensive SEC Adviser Annual Compliance Review,” was moderated by Suzan Rose, senior adviser, government and regulatory affairs at AIMA; and featured the co‑leads of the mock examination team at ACA Group (ACA), Michele Foldenauer and Robert Baker. Prior to joining ACA, Foldenauer worked in the SEC’s Private Funds Unit, and Baker had extensive experience in both the SEC’s Divisions of Examinations and Enforcement. This article summarizes the key takeaways for PE sponsors from the webinar. See “Testing Is an Integral Component of Compliance Programs” (Jul. 25, 2024); and “Improving Compliance Programs With Gap Analysis and Risk Assessments” (Dec. 14, 2023).