The value of specialized preparation of financial statements for alternative investment funds – Finance and Banking



Cayman Islands: The value of specialized preparation of financial statements for alternative investment funds

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For the majority of alternative investment funds, the late summer months provide a timely window to reflect on the recently completed financial reporting period and, in particular, review the most recent experience with their service providers and l allocation of internal resources.

This can be a very useful exercise in reviewing any identifiable challenges in the annual reporting process. The ability to meet deadlines is a key issue, due to the amount of work and resources required to prepare and maintain financial statements alongside ongoing accounting and reporting, which can impact an internal accounting team. already overloaded. Additionally, third-party administrators may not be well equipped to handle financial statement requirements that are outside of their core capabilities.

The training and investment required for staff to keep abreast of the ever-changing reporting standards in jurisdictions and reporting bases can be costly, which can be difficult for small teams as financial reporting can be overwhelming. limited to an annual requirement. The possibility of outsourcing the preparation of financial statements and related services to a professional institution of specialists has been widely welcomed by the industry as a positive approach to reduce costs.

The Maples Group has a highly experienced team of former Big Four auditors providing financial statement preparation services to more than 500 alternative investment funds each year in a range of jurisdictions. Clients benefit from the team’s in-depth understanding of what is really required in the audit process and the intricacies of what auditors are looking for. As the number of investment funds within the portfolio increases, consistency across the platform becomes more important and software and experience in managing large portfolios is essential.

The industry appeal of the financial statement preparation outsourcing model is demonstrated by our extremely high client retention rate. By coordinating and managing the audit process, our teams are able to produce high-quality, cost-effective financial statements to meet and, if necessary, accelerate reporting deadlines. Attending board meetings and coordinating debriefings with audit firms are built into our full service model.

With the ability to prepare financial statements according to international standards and frameworks, the adoption of market-leading software, and a straightforward integration process, Maples Group’s financial statement preparation services enable funds to ‘Alternative investment to ensure full compliance with regulatory and reporting standards, while being free to focus on the management function and generate returns for investors.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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