Fund Audit and Investment Testing for a National Middle-Market Private Equity Firm
How Assurance Dimensions helped a national private equity firm restore timely investor reporting and build a repeatable audit process across a multi-layer fund structure.
Case Study
Private Equity Fund Audit
The Situation
A national middle-market private equity firm managing multiple funds and approximately 20 portfolio companies needed investor reporting completed on a predictable schedule. The audit work spanned the fund, its underlying investments, and the portfolio companies beneath it, each with its own reporting timeline. Deadlines were being missed, and investors were waiting for audited financials.
Our Approach
Assurance Dimensions (AD) built a structured, repeatable approach to the engagement from the outset.
Develop a Fund Audit Methodology
AD built a standardized process for auditing the fund’s underlying investments, including model binders, defined timelines, and a consistent testing approach across each entity beneath the fund. The process was designed to become more efficient with each annual cycle, not to restart yearly.
Maintain Continuity on the Engagement
The same partners and managers stayed on the work year over year. Clients had direct access to experienced professionals throughout the engagement, not only at escalation points. Questions got answered, issues got resolved, and the team already knew the file going into each new cycle.
Expand Across the Full Investment Structure
As the relationship developed, AD took on audits for 7 of the firm's portfolio companies in addition to the fund-level work. Auditing both the underlying investments and the portfolio companies means the numbers are already familiar when testing begins. That reduced duplication, limited gaps, and eliminated the need to coordinate across separate firms.
The Results
Investor reporting was delivered on schedule. The fund maintained compliance, and investors received the reporting they required on a predictable timeline. Because AD was already working across multiple layers of the structure, each annual audit cycle became faster and more cost-efficient than the one before it. What began as private equity audit services has since expanded to include tax and IT advisory services.
What consistent fund audits made possible:
- Investors kept informed, on schedule. Timely audited financials gave investors the visibility they required, maintaining confidence in the fund’s management and compliance standing.
- A more efficient audit cycle each year. Standardized methodology and a consistent team reduced rework and improved cost-efficiency over time.
- Direct access to the professionals who knew the engagement. Partners stayed involved throughout the work, not only at the end.
- One firm across the full investment stack. Fund-level audit, investment entity testing, and 7 portfolio company audits under one relationship.
Get Started Today
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