Audit season can be one of the most challenging times of year for venture capital funds like yours, especially when you’re navigating fair value reporting for illiquid Level 3 investments. Questions around valuation timing, documentation, and ownership often surface late in the process, putting added pressure on your finance team when timelines are already tight.
To help address these challenges, Houlihan Capital recently partnered with Sensiba LLP to host a webinar focused on audit season and fair value reporting for venture capital funds. The discussion featured Madeline Sniezek, Senior Vice President on Houlihan Capital’s Valuation team, and Elena Yanovich, Audit Manager at Sensiba, who shared perspectives from both the valuation and audit sides of the process.
During the conversation, Madeline and Elena addressed some of the most common questions VC fund managers and finance teams face each year, including:
- When a third-party valuation specialist is typically expected by auditors and regulators
- Whether a September 30 valuation can be used for December 31 financial reporting
- How post-quarter events impact valuation relevance and audit reliance
- Who ultimately bears responsibility for determining fair value under ASC 820
A key theme throughout the discussion was the importance of treating valuation as an ongoing process rather than a once-a-year exercise. Engaging valuation specialists early, maintaining strong documentation, and clearly understanding management’s responsibility for fair value can significantly reduce friction and rework during audit season.
Watch the full webinar below to hear the complete discussion and gain practical, audit-aligned insights from both valuation and audit perspectives, designed to help your fund reduce year-end surprises, streamline audit review, and navigate fair value reporting with greater confidence.
