Phoenix Fund Audits

Organizations that receive public funds must report and account for their financial activities. Fund audit laws are the regulations that govern these organizations. The true purpose of an audit is to ensure transparency, accountability, and compliance with federal, state, and local laws and policies.


Benefits of a hedge fund audit include:


  • Attract new institutional investors
  • Catch and correct errors
  • Exercise due diligence
  • Establish trust and transparency
  • Discover areas for growth
  • Provide appropriate verification
  • Ensure compliance and avoid legal trouble
  • Establish, standardize, and review methodology


If you’re a fund administrator in search of reliable fund audit services in Phoenix, we’d be more than happy to connect. Read below for more information about Haynie & Company’s fund auditing services in Phoenix, AZ or contact us now to get started!

Arizona Fund Audit Procedures

A qualified professional known as a fund auditor performs audits. They accomplish this by examining invoices, financial records, and other documentation to ensure all balances and transactions have been accurately recorded, distributed, and accounted for. Once this process is complete, a fund audit report is prepared for distribution.


In Phoenix, Arizona, fund audit laws apply to various entities, such as city departments, school districts, charter schools, non-profit organizations, and special districts. These entities must undergo annual audits by independent certified public accountants (CPAs) who are approved by the Arizona Auditor General. The audits must follow generally accepted auditing standards (GAAS) and government auditing standards (GAS). This means they will include the following:


  • Expenses, profits, and losses
  • Compliance with laws and regulations
  • Internal controls and decisions made by the fund
  • Verification and evaluation of assets and liabilities
  • Opinions from the auditor


Once complete, the audit reports must be submitted to the Arizona auditor general within nine months after the end of the fiscal year. The auditor general reviews the reports and issues a letter of certification or a letter of noncompliance. Additionally, the auditor general also publishes the reports on its website and distributes them to various stakeholders, such as the governor, the legislature, the state board of education, and the public. The auditor general may also conduct special audits or investigations if there are allegations of fraud, waste, abuse, or other mismanagement of public funds.


These reports pave the way for a better understanding of the fund portfolio, risks, and returns. Catching errors in a fund’s audited financial statements is important, because mistakes could potentially result in voided contracts. In addition, fund auditors are also able to identify areas for growth and improvement.


Note: Domestic hedge funds are not required to have annual audits unless the fund manager is a registered investment advisor with the Securities and Exchange Commission (SEC.) Depending on jurisdiction, offshore hedge funds may need audits.

Arizona Fund Audit Laws

The Arizona Revised Statutes include specific fund audit laws that apply to the state of Arizona.


ARS Title 10, Chapter 19, Article 3

This law requires nonprofit organizations that receive more than $500,000 in public funds in a fiscal year to submit an annual audit report to the OAG. The audit report must be conducted by an independent certified public accountant (CPA) and comply with generally accepted auditing standards (GAAS) and government auditing standards (GAS).


ARS Title 15, Chapter 2, Article 8


This law requires the OAG to audit school districts and charter schools annually. The OAG also audits the Classroom Site Fund (CSF) and other education funds annually.


ARS Title 35, Chapter 1, Article 2


This law requires the OAG to audit the state’s General Fund and other funds administered by the state treasurer at least once every two years. The OAG also audits the state’s Highway User Revenue Fund (HURF) and other transportation funds annually.


ARS Title 41, Chapter 7, Article 10


This law establishes the Office of the Auditor General (OAG) as the independent auditor for the state and its political subdivisions. The OAG conducts financial and performance audits of state agencies, counties, cities, towns, school districts, charter schools, and special districts. The OAG also audits the state’s Comprehensive Annual Financial Report (CAFR) and Single Audit Report.

Why Choose Haynie & Company to Audit Hedge Funds?

Fund audits are typically performed at the end of the fiscal year, but for best results, a hedge fund manager should select a fund auditor before launch.


Haynie & Company has over 60 years of compliance expertise. Rely on us for accurate and dependable reports that lay the foundation for a bright financial future with profitable growth! We get to know the intricate details of your hedge fund and we work hard to mitigate risks. Throughout the year, our trusted hedge fund team will communicate transparently with you so there are no unwelcome surprises.


The Haynie & Company accounting firm in Phoenix offers a variety of useful services for hedge funds, including but not limited to:



In addition to being an experienced CPA firm, Haynie & Company also stands out from the crowd of Phoenix hedge fund audit firms. We partner with hedge fund managers to develop custom investment strategies and ensure total compliance with Generally Accepted Accounting Practices (GAAP) and International Financial Reporting Standards (IFRS) every step of the way.

Reach Out to Haynie & Company’s Experienced Investment Advisers for Fund Audit Guidance

When it comes to establishing transparency and trust, routinely audited financials are important. As a proven leader among Phoenix accounting firms, Haynie & Company’s team of certified public accountants, compliance experts, fund auditors, and investment advisers are here to support your goals and protect your interests in accordance with generally accepted accounting principles. In addition to being a BBB A+ Accredited Business listed among Forbes America’s Best Tax and Accounting Firms, we have been recognized as one of the Top Companies to Work For in Arizona in 2021 and 2022 as well as 2022 Top Workplaces from AZ Central.


To speak with a Phoenix hedge fund auditor near you, contact us now.

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