The funds where the capital is governed by third party should effectively have a Regulated or either Unregulated Audit done so as to have a check and control thereby. For completing, signing off and filing the audit, 6 months’ time period is accustomed. This time span which abstractly seems more than enough for the audit is practically quite tedious to meet owing to multiple reasons. Considering all the industries, Hedge Fund Industry is distinct as it demands several service providers in its lifetime. Thus, it seeks a Hedge Fund Auditor along with a fund administrator.Hedge Fund Auditor’s prime functionary involves the audit of hedge fund’s accounting. To analyse the hedge fund’s assessment technique and the compliance of the same; Hedge Fund Auditor works alongside Hedge Fund manager and Hedge Fund Administrator. Hedge Fund Administrator stands central for the Auditor, as he generates the financial statements of funds involved. This statement is essential for an Auditor; who is required to inspect all the funds, profits and losses which can be fetched from the account statements particularly. Once the Auditor learns about the valuation methodology of the funds, he performs tests on the information acquired. Along with the issuance of Audited Financial Statement; Hedge Fund Auditor also ensures curbed scope engagement and authentication of performance results. To minimize and detect the risks involved in audit, the Auditor doesn’t remain clung to the specific guidelines assigned and goes beyond them.
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