Fund Audits

Fund Audits Services

An audit is an investigation that verifies a business’ financial records, business dealings, and other procedures. An audit can be performed internally (by someone who already works for the company) or externally (by an independent party for hire.)

 

Contrary to popular belief, audits don’t happen solely for suspicious activity. In fact, audited financial statements build trust and allow potential investors of a hedge fund to better understand the fund’s operations.

 

Many hedge funds seek audits in order to attract new investors, prove their worth, and establish transparency. A fund auditor is a qualified professional who performs these audits and helps the fund establish and review a suitable methodology. Think of them as the “checks and balances” department that establishes a layer of legal protection.

 

In accordance with generally accepted accounting principles, the statements and reports provided by a fund auditor will include the following important information:

  • Expenses, profits, and losses
  • Decisions made by the fund
  • Verification and evaluation of assets and liabilities
  • Opinions from the auditor

What does a fund auditor do?

A hedge fund audit allows you to exercise due diligence and provide appropriate verification when requested. Through thorough fund audit procedures, a fund auditor will examine invoices, financial records, and other documentation to ensure that all balances and transactions have been accurately recorded and distributed. At the end, we prepare a fund audit report.

 

The year-end reports included in an annual audit help everyone involved gain a better understanding of the fund portfolio, risks, and returns. During a routine audit of a fund’s financial statements, errors can be caught and corrected. This is important because major errors, also called “material misstatements,” could result in voided contracts.

 

In addition, fund auditors are able to point out areas of growth as well as areas that need attention. With their expertise, you can maintain the health of your hedge fund and protect your investments.

 

There is no requirement for domestic hedge funds to have annual audits unless the fund manager is a registered investment advisor with the Securities and Exchange Commission (SEC.) Offshore hedge funds may need audits, depending on their jurisdiction.

WHY CHOOSE HAYNIE & COMPANY?

 

While fund audits are typically performed at the end of the fiscal year, a hedge fund manager should choose a fund auditor before the launch of the fund for best results. At Haynie & Company, we collaborate with you throughout the year so there are no unpleasant surprises.

 

The Haynie & Company accounting firm provides an array of services for hedge funds, including but not limited to:

Financial statement audit

Regulatory audit and assurance

Accounting advice

Financial planning

Tax preparation services

In addition to being a seasoned CPA firm, Haynie & Company stands out among hedge fund audit firms. We develop investment strategies for hedge funds and we partner with hedge fund managers to ensure total compliance — and a bright future! Each fund administrator receives our devoted one-on-one attention throughout every step of the audit process, as we take pride in delivering accurate and dependable reports and maintaining transparent communication with all of our valued clients.

 

We understand the importance of clear and timely communication between our auditors, fund managers, and other parties, and we uphold a commitment to quality control. We accomplish this all while keeping in mind government regulatory compliance, Generally Accepted Accounting Practices (GAAP), and International Financial Reporting Standards (IFRS.)

For Comprehensive Hedge Fund Audits, Connect With
Haynie & Company Now

 
When it comes to accounting firms, we know you have a choice.

 

At Haynie & Company, the compliance expertise of our team of certified public accountants, fund auditors, and investment advisers helps you avoid legal trouble, attract institutional investors, and manage your money.

 

Haynie & Company currently has established locations in Nevada, Utah, Colorado, Arizona, and Texas. To speak with a dedicated hedge fund auditor near you, find a location in your state.

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