Year-End Valuation Review
Where Auditors Focus
Checklist for Fund Finance Teams
Auditor questions at year-end tend to center on the judgment behind Level 3 marks. This checklist covers the areas that draw them most often, so your team can work through them before fieldwork begins.
Year-End Review
Where Review Tends to Slow Down
During fieldwork, auditors tend to ask:
- How was the model calibrated?
- Why did an assumption change from the prior period?
- Do discount rates and multiples reflect conditions at 12/31?
Those questions are easier to answer when the support is pulled together in advance.
The SEC staff’s September 2026 statement on fair value for private assets put similar weight on process and documentation.
Inside the Checklist
What's Inside, And Who It's For
The checklist is organized into seven areas, each with questions your team can work through ahead of the auditor's request list.
The checklist is designed for:
- CFOs and controllers at funds holding illiquid and hard-to-value investments
- CCOs and valuation leads responsible for the fund's valuation policy and committee process
- Fund administrators and auditors who want a resource to share with their fund clients
Whether you're scoping 12/31 marks now or already preparing for fieldwork, it gives your team a clear view of where questions are likely to come from.
Download Your Free Copy
Complete the form below to access the checklist.
By downloading this checklist, you agree to receive occasional valuation insights from Houlihan Capital. We do not share your information, and you can unsubscribe at any time.
Independent Valuation
About Houlihan Capital
Houlihan Capital provides independent valuations of illiquid and hard-to-value holdings for fund managers, administrators, and their advisors. With more than 30 years of experience and more than 25,000 valuation opinions delivered, the firm brings a documented methodology designed to support auditor review, with senior-level attention throughout each engagement.
This content is for informational purposes only and does not constitute accounting, legal, or investment advice.
Work through the questions before your auditors ask them.
A checklist for fund finance teams preparing 12/31 Level 3 marks.