Ensuring a Seamless Audit Process Part III

The year-end audit will focus on ensuring that the calculation of the year-end net asset value (NAV) has been prepared accurately. As such, extra care should be taken to ensure that the calculations prepared by your administrator are accurate. It can sometimes be tempting to ignore the audit process until the administrator has finalized the December NAV—and only then spend the time to complete a detailed review and identify potential issues.


While it is better late than never. Leaving your year-end cleanup until after the NAV has been calculated causes delays and potentially additional costs. In addition

to investors demanding year-end statements for their own purposes, the NAV is needed to prepare the draft GAAP financials. Delays finalizing your NAV inevitably cause delays in preparation of your draft GAAP financials.


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