December 2013 — Present
Private Equity Group
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Private Equity Group
Financial services - investment managers
Overseeing audits from planning stage (responsible for all client interaction to ensure a smooth audit and point of escalation) through to completion.
Direct experience across hedge funds and insurance companies:
• Lead senior auditor of hedge funds audits in client’s asset under management ranging from $50 million to $500 million
• Exposed to hedge fund structures such as onshore, offshore and master-feeders where client primarily utilized long and short investment strategy.
• Interacting with fund administrations assisting with audit work, communicating the required documentations and explanations necessary.
• Audited client’s products such as securities, bonds, forward contracts, and options
• Knowledge of IAS 39, IAS 7 and IAS 32
• Knowledge of US GAAP as well as IFRS, auditing with ISA and US GAAS.
• Reviewed reconciliations between custodian banks and administrators
• Recalculated administrator's net asset value and partner income and expense allocations
• Recalculated management fees and performance fees in accordance with the Offering Memorandums
• Utilized Bloomberg to value client's investment positions
• Updated audit work papers of client's processes and controls surrounding internal controls and reviewed client prime broker’s SSAE 16 Type I & II
• Prepared and follow up partner capital and distributions confirmations & prepared draft financial statements and footnotes
• Reviewed and tested loss reserves for captive insurance.
• Reviewed actuarial reports for loss reserve calculation.
Providing on-the-job guidance to the team where required, including training to junior team members.
The businesses are generally owner managed private companies. An important part of the audit is seen as developing and strengthening relations with new and existing clients. Staffs are encouraged to add value wherever possible, such as tax avoidance guidance. Direct experience across the following sectors:
o Real estate & Professional Services
o Media & Entertainment / Advertising & Marketing
o Leisure & Retail
• As audit senior responsibilities involved in leading, planning and conducting the audit. Brief team of high risk areas and audit approach and oversee work performed.
• Advised client of weaknesses of income recognition. Subsequently implemented.
• Review and preparation of summary interim results, stock exchange announcements, identifying key audit risks. Test compliance with IFRS’s and the fund’s accounting policies. Reviewed compliance with the Channel Island stock exchange listing rules.
• Reviewed semi-senior’s and junior’s audit work resolving issues on-site
• Provided audit training to junior and to a lesser extent the semi-senior which includes walkthrough testing, completeness testing of rental income, analysis of movement in gross profit margin from prior year etc.
• As well as auditing real estate companies with turnover in excess of £200m, I also audited service charge companies.
• Dealt with acquisitions and disposals of property, appropriately classifying the profits and losses on disposals.
• Assisting in VAT calculation and reviewing the status of property (Option to tax).
• Reviewing of loans and agreements, amortisation costs calculations, classification between short term and long-term repayments.
• Financial reporting on property cost model or fair value model.
• Involved in management accounting; accruals and prepayments, month end journals and financial analysis.
• Production of statutory accounts and tax computation.