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Blueprint Intelligence / Institutional Readiness / Fund audits, when LPs expect one in place
Institutional Readiness
Check the fund’s obligations and LP agreements early, then plan the audit engagement around them. Fund sequence and assets alone do not settle the question.
There is no universal Fund II or $30 million threshold for a venture fund audit. Requirements can come from applicable law, adviser status, governing documents and LP agreements. Confirm them with fund counsel and the auditor before promising a timetable or assuming Fund I is exempt.
Ask which financial statements must be audited, under which standards, by whom and on what timetable. In the United States, the custody rule includes an annual-audit provision for applicable pooled vehicles, with specific conditions; it does not create a general fund-size threshold. Quarterly reporting is a separate responsibility and does not automatically replace an audit.
The auditor defines the engagement. Alongside it, LP diligence may request the following records. Distinguish audited statements from schedules and explanations prepared by the manager.
If the fund borrows, disclose the facility terms and reporting treatment. Borrowing can affect cash-flow timing and performance measures, depending on its use. Keep the facility policy and relevant records available for the auditor and LP review.
Agree on the scope, records, valuation work and timetable before the reporting deadline approaches. Record whether the auditor is being selected, engaged or has completed the audit; those are different states. Keep that status current in the data room.
Source check recorded: September 18, 2026 (claim-scope review).
This review checked the specific rule scope discussed above. It does not establish the requirements for your fund; confirm the applicable position with the authority and qualified advisers.
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