Simplifying annual audit preparation with Aumni

Annual audits are not just a regulatory or operational requirement — they are a cornerstone of financial transparency and organizational integrity. A well-prepared audit can improve your LP reporting efficiencies, enhance your credibility, and provide critical insights into your portfolio health. 

With Aumni, you can easily streamline the audit process. Follow these steps to get started with your audit preparation.

Step 1: Submit your latest Schedule of Investments (SOI) and deal documents

Efficient document submission into Aumni is the first step to a smooth audit process.

1. Log in to your Aumni account.
2. Navigate to the Document section in the left side nav.
3. Submit your latest Schedule of Investments (SOI) and associated new deal documents.

Preparing and uploading these documents early helps you avoid the end-of-year rush and ensures the data in Aumni reflects your complete portfolio and all documents are organized and available for easy access. 

Step 2: Utilize the Audit Log

The Audit Log is a powerful tool that helps you keep track of your transactions and identify any documentation gaps.

1. Go to the Audit Log section in the left side nav.
2. Click the ‘Missing Docs’ and/or ‘Invalid Docs’ filter boxes at the top of the page.
3. Use the filter options in any column (down arrow) to sort transactions by date, type, or fund.
4. Review the list to identify any transactions with outstanding documentation issues.

Pro tip: Filtering by the ‘Last Year’ option can give you insight into the portfolio companies you likely will need additional documentation for to complete an annual audit. Keeping track of and resolving these document gaps in advance can help you stay ahead of any potential issues during audit. 

Step 3: Review and submit any outstanding documents

Ensuring all your document sets are complete and accurate is crucial for a successful audit.

1. Once you’ve filtered your Audit Log, reach out to your portfolio companies to gather all necessary documents. 
2. Submit any outstanding documents. 
3. Aumni will then review your submitted documents for accuracy and completeness.

Step 4: Double-check your Aumni-structured data

Save time structuring and summarizing your financing data, by letting Aumni take over the data structuring and document organization. Aumni will review documents you submit and populate the data in the Aumni platform for easy reference and review during audit season.

1. Double-check the Aumni-summarized data generated in your platform for complete accuracy and consistency with your understanding.
2. Reach out to your customer success representative if there are any questions!

Importance of a well-prepared audit

An effective audit process is more than just a compliance exercise; it's a strategic opportunity to validate your funds’ financial health and validate your LP reporting. A well-prepared audit can enhance your credibility that your financial and valuation practices are sound and transparent. 

By following the steps above, you can ensure a smooth and efficient audit preparation process that will help streamline and quicken the audit review process. For details on how other firms are leveraging Aumni’s audit solutions to save time and reduce complexity, read this case study.