AUDIT SUPPORT

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• Categorize of Assets into Levels (ASC 820)

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• Prepare illiquid asset commentary

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• Provide General Ledger, Balance Sheet, Trial Balance, Capital Rolls as requested by auditor

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• Provide Schedule of Purchases/Sales, Realized and Unrealized gains and losses

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• Prepare Draft Financial Statements for audit opinion per accounting standards - US GAAP for Operating or Investment Companies (Fair Value), IFRS, Income Tax Basis etc. 

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• Liaise with auditor during the year and at year-end by providing necessary information or other documents, answer inquiries within the scope of TFA’s capability

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• Make changes to Draft Financials per auditors review and distribute final audited financial statements to parties as directed by the Fund manager.

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• Establish of server based password protected access to information.

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• Coordination of various work steps with auditor.

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• Support for auditor’s testing of portfolio

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• Prepare investor and vendor confirmations

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TAX SUPPORT​

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• Liaise with tax service provider.

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• Discussions with tax service provider regarding any special requirements.

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• Establishment of server based password protected access to information.

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• Posting of all required information.

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• Analyze existing data in relation to new regulations and provide data accordingly.

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• Distribution of the K1s to the investors via the TFA reporting portal.

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PROCEDURES FOR ANNUAL FINANCIAL STATEMENTS, AUDIT SUPPORT, and LIAISON WITH AUDITORS

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Draft Annual Financial Statements including any requisite schedules and notes are prepared under the supervision of a senior accountant. In addition, the COO and the CFO are consulted in case of specific issues that need to be addressed. TFA is experienced with both US GAAP and IFRS standards as well as specific standards for particular industries.

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Audit support is provided as specified by the fund administration agreement. Typically, a portal is set up on TFA’s servers and access is provided by a secure login and password. The liaison to the auditor for the process is a senior accountant with assistance of the client service manager and operations analyst assigned to the fund and the process is supervised by the COO.

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TFA can coordinate the entire audit process if necessary, with minimal involvement of the Fund Manager, or supplement the work as needed. A typical process involves an initial phone call or physical meeting with the auditors where any issues are clarified and timelines determined.

If a PBC list is available, TFA will work with the Fund Manager to determine support responsibilities for each item and then work toward providing these items within the agreed time frames.

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As part of audit support, all documents and schedules that are requested by the auditors are provided promptly and with care. Basic documents and schedules that are generally provided include: Balance Sheet, Profit and Loss Statements, General Ledgers and Trial Balances, Schedule of AR/AP, and share capital. Various supporting documentation, such as bank statements, support for all payments made from the fund and investor subscription and redemption documentation, is also provided. In addition, TFA often prepares audit confirmations to assist with the audit process.

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