Financial Statement Support
Effective preparation for annual reporting and audit deadlines
GlobeOp's Client Financial Reporting team provides three distinct service packages of year-end audit service support for the drafting of financial reports or statements. The global team's experience and ongoing extensive financial statement production training assists a wide range of fund types and sizes to effectively meet year-end fund reporting and audit process deadlines. We also provide an extensive range of tax support services which can meet your funds' requirements.
- Service Package 1
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GlobeOp provides its standard reports from the Geneva accounting system at no additional cost, but does not draft any portions of the financial statements.
- Service Package 2
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GlobeOp provides financial statement schedules, including numerical calculations for footnote disclosures, in Excel format. Final completion will be by the fund or third parties.
- Service Package 3
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GlobeOp provides draft financial statements in Word format, and also drafts footnote disclosures based on GlobeOp technical knowledge, subject to fund documentation information made available to GlobeOp. This does not include any commentary prior to the audit opinion, e.g., management summary, fund outlook, etc.
- Other services
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Financial Reporting: GlobeOp can now offer more frequent Financial Reporting through enhanced technology and workflow:
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Quarterly and semi-annual draft financial statements
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Quarterly and semi-annual draft condensed schedule of investment statements in Y/E format
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Monthly, quarterly and semi-annual cost rolls
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Fund Annual Return (FAR) reporting under Cayman Island Monetary Authority (CIMA)
Tax Services: GlobeOp can now offer tax services to Financial Reporting clients. Offerings will include:
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Partnership 1065 and Investor K1 reporting
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Tax estimates inclusive of adjustments
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PFIC reporting
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- Auditors’ Confirmation Letters
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GlobeOp can provide detailed contact information and supporting schedules upon request, but does not prepare audit confirmation letters.
Funds requiring assistance should contact the Financial Reporting team well in advance of the end of September to ensure the appropriate level of support can be scheduled. Priority at peak periods is typically given to funds with firm regulatory reporting deadlines and GlobeOp support service agreements. After an initial discussion of the audit process, projected costs and expected timetable, a timetable is mutually agreed with funds and their auditors, and close teamwork begins to meet fund commitments.