Carta has empowered our audit partners by creating an audit partner portal that will house all relevant documents to successfully complete a fund audit.
We have launched this portal to make it easier to organize and streamline responses to questions and requests from auditors which historically have taken time and effort to consolidate.
What’s important or valuable about this change?
Audit Partners will have one location to go to find all of our documents. Fund administrators can easily organize and check for outstanding documents. This will save time and effort for auditors and fund administrators, making the end-of-year easier for our customers by proxy.
Documents that will now be added to this list include:
Formation Documents / General Docs
- EIN Confirmation
- Formation Certificate
- Investor Side Letters
- Transfers docs
Executed Investment Documents (Deal Docs Team)
- Certificate of Formation / Incorporation
- Stock Purchase or Closing Volume, Convertible Promissory Note, Sub Doc
- Most recent cap table
- Bank Statements
- Invoices missing from Journal Entries
- Management fee and interest calculations
Fund administrators will add these to the portal or request them from customers when appropriate.
What do I need to do?
Generally, you do not need to do anything as this will affect third -party audit partners for the most part. However, there are a few things you can do to ensure that this offering is as strong as possible:
- Ensure that you have selected an audit partner for your end-of-year needs.
- Send all of your audit-related documents (see list above) to your fund administrator. You can do this by uploading them in the app, or sending them to your FA via email.
- Work with both your audit partner and your fund admin on questions about these documents over the course of the end-of-year audit process.
How do I learn more or get help?
You can ask your fund administrator or your audit partner if you have any questions. However, it is important to know that this predominantly affects your audit partner, not you as the customer.
Have additional questions about this or are you curious about what your tax and audit partner will do this end-of-year season? Check out our VC Tax and Audit Support Article here.