Hi everyone! I have just started a specialized niche company am in the initial phase of seeking clients (hedge fund or FOHF) that may want to entertain outsourcing the very specialized function of preparing fiscal year end or interim financial statements.
Beforehand, most external auditors would be obliged to help with this duty. But because of increasing regulations in this industry, and SEC Independence Rules in the U.S. and increasing scrutiny in the international community, the auditors can no longer do this work, unless outsourced to another unrelated audit or accounting firm at a very costly rate (sometimes up to USD$30,000 just for one regular long/short equity fund with a simple master-feeder structure)! Third party administrators for the most part are reluctant to do this work, even though they do most of the accounting and operations, because it is very time consuming and a big headache to keep up with all the new disclosures. Some smaller funds do not have the back office support to perform this cumbersome task. That is why I have decided to fulfill a possible void here.
My background is several years at two hedge funds in the fund accounting and operations area, a CPA, and some time at a Big Four accounting firm, and over that time having prepared numerous financial statements as well. If you should want to explore further, or want to refer someone to my services, please contact me (for the time being) at doublefaultguy@tennis.com. I hope to have an updated e-mail address in the near future. Thanks for reading my post and to 'marketbreaker' for starting this forum!
ELee
dba KACE Associates, LLC