The Investment Management Compliance Testing Survey (Survey) is an annual project that is jointly prepared by the Investment Adviser Association, ACA Group and Yuter Compliance Consulting. In the 2024 version of the Survey, respondents were compliance professionals from 595 investment adviser firms with assets under management ranging from less than $1 billion (24% of respondents) to more than $10 billion (34%). The Survey provides a comprehensive annual review of investment management compliance professionals’ top concerns, as well as the types of compliance testing and control practices being used to address core compliance topics. Compliance professionals can use the Survey to build reasonable compliance programs by better understanding what practices are widely used in the industry and bolstering their efforts accordingly, as appropriate. This article summarizes the key takeaways for PE sponsors from the report prepared based on the 2024 version of the Survey, with additional insights provided by Amy Yuter, managing principal of Yuter Compliance Consulting. For additional insights from ACA Group, see “Overcoming the Growing Challenges of ESG Data Collection, Monitoring and Optimization” (Jun. 13, 2024); and “Regulatory Outlook for 2024” (May 16, 2024).