Audit Readiness
Given the complex and continuously changing accounting rules, the business and regulatory environment, preparing for an audit has been challenging for many alternative investment fund managers and their Chief Financial Officers. Keeping up with the frequent changes in the accounting industry and the financial statement disclosure requirements, such as those required under ASC 820 – Fair Value Measurements and Topic 210- Offsetting Assets and Liabilities, is difficult in today’s fast paced environment and creates challenges for management.
Frontpoint, a firm whose employees are former Big 4 firms’ senior audit managers, former CFO’s from both large and small asset managers are uniquely qualified to prepare a set of GAAP financial statements and related footnote disclosures for investment funds including, hedge funds, private equity, credit funds and funds of funds. Our employees have the expertise, capacity and extensive experience in the preparation the financial statements of all fund types covering all strategies, size, master/feeder and complexity.
Audit firms are faced with pressure from its regulator PCAOB, stringent independent standards and in general application of general accepted auditing standards.
We manage the audit process from the audit planning stage to the completion and issuance phase.
We prepare:
- Documentation of internal controls over financial reporting
- Review, design, or augment oversight procedures over Funds Administrators
- Supporting work-papers with a clear and concise audit trail to facilitate the audit process
- Investment valuation review
- Economic allocations
- Fin 48 Uncertain Taxes
- Loss contingencies
- Audit confirmations
- Funds’ financial statements and footnotes