Aumni includes an "Audit Flag" on a transaction or portfolio company when as a result of our audit of the documents we have received, there appears to be an error or inconsistency in the records, or there is additional information to convey.
Audit flag types range from "Informational" (e.g., additional information regarding protective provisions, voting thresholds or observer rights), to "technical" (e.g., missing customer signature) to potentially material (i.e., issued Series A exceeds authorized Series A). Sometimes it is an error in the documentation that needs to be fixed, other times, there may be a missing document that once received would resolve the Audit Flag (e.g., an amendment to the Charter that increases the authorized Series A shares to cover the additional issued Series A shares).