Accounting Round Table
A report looking at the quality and reputation of auditors has become an even more critical selection criterion; valuation issues thrown up by illiquid assets are set to be a permanent part of the industry; the collapse of Lehman caught many hedge funds in a web of complexity that is slowly being unravelled; forthcoming regulation will lead to increased compliance concerns for both funds and auditors.
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Importance of the auditor
The quality and usefulness of audits for funds is now seen as paramount
Auditor selection
Reputation and independence are key characteristics in choosing an auditor
Valuation issues and fair value
Many issues remain around how to value illquid assets as well as what accounting standards and guidelines to use
Valuation model challenges
Accounting standards may appear to be rather esoteric but the significant differences between them could have a
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