1) Make sure you know all Standards of Professional Standards, but focus on Independence and Objectivity, Misrepresentation, Material Nonpublic Information, Preservation of Confidentiality, Loyalty, Suitability, Responsibilities of Supervisors, Disclosure of Conflicts, Priority of transactions, and Fair Dealing.
2) Know compliance procedures (at least two) to deter violations
3) Know GIPS required/mandatory standards inside and out (do not focus as much on recommended or suggested items) especially for the eight sections – LOTS of memorization.