AI-native audit platform

For CPA firms auditing PE/VC funds and SPVs

Audit solution

US GAAS

Plan, execute, review, and issue higher-quality fund audits with AI-powered workflows.

Workpapers with GAAS documentation.

Valuation testing

ASC 820

Verification of recent rounds, comparable-company data, and calibration.

Independent testing of fair values using backsolve and GPC market approach.

Perform end-to-end audits

PBC management

The PBC workflow reviews, sorts, and renames every support document to your naming convention. It completes internal reconciliations, reports differences, and flags missing support.

↓Upload client support

Engagement files

Cash3

Investment transactions14

Partners' capital7

Fees and expenses4

Financial statements3

Trial balance1

Governance6

Needs attention1

Cash and Cash Equivalents

FiledReceived

BankStatement_JPM_2025-09.pdfjpm sept stmt.pdf

BankStatement_JPM_2025-10.pdfjpm oct statement (1).pdf

BankStatement_JPM_2025-11.pdfnovember jpm.pdf

Missing supports

December bank statement, J.P. MorganBlocks cash confirmation · requested Dec 2

Remind

Planning and scoping

The planning workflow runs risk assessment, walkthroughs, and scoping.

Financial statements

The FS workflow uses the client's draft financials or generates the financial statements and supporting schedules from the approved trial balance, and performs the tie-out both at the start and at the close of the audit.

For example, SOI shares, cost, and fair value: opening balances are tied to PY FS, movements to investment docs, and closing balances to valuation workpapers and confirmations.

Audit confirmations

Bank, investment, and legal confirmations are sent, chased, and returned in one place, with the audit team in control of the process end to end, as AU-C 505 requires.

Substantive testing

Account-level workflows test based on your performance materiality and risk assessment, link evidence to every material account, and produce audit workpapers within minutes. You review and conclude.

Carried Interest Waterfall Recomputation

TierAmountTo LPsTo GPCarry

Return of capital contributions128,400,000125,832,0002,568,000—

Preferred return————

GP catch-up————

Carry split57,850,00045,354,40012,495,60011,570,000

Distributable amount, fund-to-date186,250,000171,186,40015,063,60011,570,000

Evidence×

1Limited Partnership Agreement

2Waterfall Calculation

5.1 Tax Distributions. To the extent of available cash, the General Partner may cause the Partnership to distribute to each Partner an amount sufficient to satisfy the estimated tax liability of such Partner attributable to allocations of taxable income, and any such amounts shall be treated as advances of distributions under Section 5.2.

5.2 Distributions of Distributable Proceeds. (a) Distributable Proceeds shall be distributed at such times as the General Partner determines, but not less than once each fiscal year.

(b) Distributable Proceeds shall be apportioned among the Partners as follows: (i) first, one hundred percent (100%) to all Partners, pro rata in proportion to their Capital Contributions, until the cumulative distributions to all Partners under this Section 5.2(b)(i) equal the aggregate Capital Contributions of all Partners to the Partnership; and

(ii) thereafter, eighty percent (80%) to all Partners, pro rata in proportion to their Capital Contributions, and twenty percent (20%) to the General Partner as Carried Interest.

(c) No preferred return or hurdle rate shall apply to distributions under this Section 5.2. Carried Interest is subject to the return obligation set forth in Section 5.6.

5.3 Reserves. The General Partner may retain from Distributable Proceeds such reserves as it reasonably determines are necessary for Partnership Expenses, follow-on investments and contingent liabilities.

5.4 Distributions in Kind. The General Partner may distribute Marketable Securities in kind, valued in accordance with Section 4.5, provided that no Partner shall be required to accept securities that are not freely tradable.

Waterfall Calculation

Partners Capital

Distributions

Description

Amount

Distributable proceeds, fund-to-date

186,250,000.00

Less: return of aggregate Capital Contributions

(128,400,000.00)

Proceeds subject to carried interest split

57,850,000.00

Carried interest rate

20.00%

Carried interest allocated to General Partner

11,570,000.00

Remaining to Partners pro rata (80%)

46,280,000.00

Carried interest per capital statements

11,570,000.00

Difference

0.00

Allocation of 80% tranche

Limited Partners (98.00%)

45,354,400.00

General Partner (2.00%)

925,600.00

Total distributed to Partners

46,280,000.00

Carried interest escrow (30%, LPA §5.6)

3,471,000.00

Carried interest paid to General Partner

8,099,000.00

Valuation testing

The valuation workflow runs its risk assessment, sorts investments into risk tiers, reviews recent rounds, and independently tests fair values using backsolve calibration and guideline public company (GPC) market approaches under ASC 820.

Final review and completion

The disclosure workflow reviews FS presentation and disclosure. The partner reviews final FS tie-outs, subsequent events, and other closing procedures, confirms there are no open items in the dashboard, and proceeds to issuance.

Your workspace

Dashboard

Complete partner oversight before sign-off: missing support, open exceptions, client touchpoints, workpaper status, and billing, in one view.

Audit methodology

Every procedure and workpaper follows your firm's methodology, configured to your templates, with audit documentation ready for review.

Dedicated portal

Every engagement gets a controlled workspace for information that otherwise scatters across email, spreadsheets, and shared drives.

Engagement dashboard

Substantive testing

ProcedureAreaProgress

Management fee recalculationFees and expenses

100%

Carried interest and waterfallFees and expenses

62%

Partners allocationPartners capital

35%

Cash confirmation and reconciliationCash

48%

Financial statement tie-outFinancial statements

—

Missing client supports

Requested itemBlocksAction

Signed side letter, Ridgeline Holdings LLCSide letterRemind

Q4 bank statement, J.P. MorganCash confirmationRemind

Valuation

Companies scoped35 of 35

Risk buckets21 low · 9 elevated · 5 high

Fair value in scope$428.1M

What you gain

Flatter operating model

Increase capacity and lower delivery cost. Serve more funds with a leaner team.

Evidence-linked reviews

Source-linked documents, comments, timestamps, and approvals. Reclaim judgment hours.

Faster turnaround, less rework

Automated checks flag issues early. Fewer follow-ups and faster resolutions.

Smart exception handling

Unusual, high-risk, and incomplete items route to auditors.

Real time visibility

Current progress, open exceptions, and pending approvals, live.

Fewer manual touchpoints

Fewer handoffs across fund teams, administrators, accountants, tax consultants, and auditors.

Built for controlled audit workflows

CapabilityAlignGAAPGeneric AI agents

WorkflowAlignGAAPStandardized, repeatable workflowsGeneric AI agentsOne-off, prompt-dependent responses

Audit standardsAlignGAAPBuilt around US GAAP and GAAS for investment companiesGeneric AI agentsRequirements supplied and checked for every task

ValidationAlignGAAPRule-based checks and source validationGeneric AI agentsOutputs require separate validation

EvidenceAlignGAAPMaterial figures link to evidence, with a trail for exceptions and approvalsGeneric AI agentsSources assembled manually

Model continuityAlignGAAPControlled methodology, validation, approvals, and versioningGeneric AI agentsModel changes can alter how work is performed

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