Deloitte Audit services provide audits and reviews of financial statements and reporting on internal controls in accordance with applicable professional standards. Our audits are planned to be responsive to our assessment of the risk of material misstatement based on the understanding we gain of the funds service providers and management companies and their environment, including their internal control. We utilize this understanding to design the nature, timing and extent of our audit procedures.
We work closely with the fund accounting agents and those in charge of governance of the funds and management companies, while maintaining an objective and independent attitude and encourage open communication during the course of our services. We also strive to provide timely communications regarding professional developments and insights regarding matters that may affect the funds and their service providers.
For further information about valuation models, performance fees and risk management models, please visit the Performance measurement, valuation & risk management section.
Our audit approach is hands-on and partner-led. We attach importance to understanding the specific features of the funds, investment strategies, distribution network, reporting deadlines and your long-range strategic plans.
Based on this knowledge, our approach will encompass a highly robust risk assessment process and an audit plan designed to respond to the key risks which are relevant to our audit. Overall, our audit seeks to provide you with information which will assist in the preservation and protection of your brand and reputation.
External auditors with a market share of 19 % in terms of number of Luxembourg regulated sub-funds and 28% of the Specialised Investment Funds (SIF)
|Risk assessment||Internal control assessment and testing|
|- Review of business activities and risk identification
- Identify key management and monitoring controls
- Understand the relevant processes
|- Review of processes and testing effectivemeness of controls
- Report on opportunities for improvements (valuation, custody, accounting, compliance, ...)
- Collaboration with risk and internal audit
|Continuous communication||Validation of pricing|
|- Year round communication
- Validation of issues with your local management and fund administrator
- Systematic presence to status meetings, Board and Audit, Risk and Compliance Committee meetings
|- Comparison of pricing with external data (Portfolio Audit and Analysis Tool)
- Validation of derivatives pricing
- Reconciliation of all relevant product data (interest rates, maturity dates, dividends, ...)
|Reporting||Tests of details|
|- Review of the financial statements
- Preparation of long form reports
- Preparation of management letters
- Preparation of CSSF circular 2002/77 reporting, if required
|- Tests of balance sheet accounts
- Tests of expenses and accruals
- Compliance testing