FIBACT offers external audit services focusing on operational efficiency and regulatory compliance. External auditors meticulously review all audit-related records to ensure accuracy in financial statements, crucial for meeting regulatory standards and reassuring investors. These auditors maintain impartiality as they are independent of the audited company.
- Formulating the comprehensive audit strategy and crafting the detailed audit plan for the engagement.
- Define the risks associated with the significant account and establish thresholds and materiality criteria for testing
- Identify, evaluate and prioritize risk affecting the accounts
- Journal Entry, General Ledger, Trial Balance, Income Statement and Balance Sheet Testing
- Cash Balance Testing, Broker balance testing, Fund Portfolio/ Investment testing, Partner Capital account and their individual income and expense testing (Management fee and Incentive fee) and Capital Reconciliation testing.
- Realized and Unrealized Testing, Dividend Income testing, Fund admin and other Income/expenses testing
- Classification of the fund's portfolio based on the Sector and industry they have invested in.
- Calculation of Overall Financial Highlights and the return ratio of the fund and giving an overall funds analytical review
- Sectors - Hedge Fund, Private Funds, Fund of Funds, Crypto Funds, Bond Funds, SOC Audit, Compilation Audit etc
