5 Steps to a Painless Audit with Aumni
Audit season is officially upon us, but an otherwise time-intensive process can be made simple with Aumni.
Aumni helps venture firms uplevel document controls and streamline workflows so they can prepare for and execute their audits with confidence. By submitting documents to Aumni, venture teams can offload document review and data management tasks while also benefiting from a suite of audit-related tools that make collaboration with third-party service providers simple and organized.
Here are five ways Aumni helps finance, operations, and fund admin teams have a painless audit season:
1. Discover what’s missing
Aumni data is derived from executed transaction documents to ensure the highest degree of accuracy and confidence. But before you can view your investment data on the platform, documents must pass Aumni’s rigorous review process to ensure their validity and completeness.
If you haven’t already, submit your latest SOI and any deal documents to Aumni before year-end so our team has enough time to examine them. Aumni will then alert you of any underlying documents that are missing or invalid via the Audit Log.
To begin, simply visit your Audit Log and filter by the last year to return a list of transactions with outstanding documentation issues. Identify exactly which founders to contact to obtain final copies ahead of auditor requests, avoiding guesswork and last-minute prep.
2. Reconcile your records
Once your transaction documents have passed our review, hundreds of data points are then calculated, structured, and validated to constitute your Aumni Portfolio. You can click into your Portfolio’s Company Pages to surface essential details at the transaction level, including round-specific shares held, total shares held, the fully diluted percentage, issuance price per share, cost, and more. Compare this information to your other records to identify any information gaps, and use reconciled data points to help power reporting, build valuations, and answer ad hoc auditor requests.
Cross-pollination, a unique element of Aumni’s proprietary data architecture, also awards you access to investment document data shared by your co-investors, granting you visibility into rounds you didn’t participate in to eliminate the pains of missing or stale data.
3. Bulk download your final documents
Eliminate the need to hunt for documents across your inbox and other systems or the task of downloading individual documents from Aumni’s transaction pages. With Custom Download, you can bulk download a defined set of portfolio documents to a single zip folder, making it easy to access, catalog, and share your Aumni-reviewed files with your auditor. Refine your download by date range, fund, portfolio company, or document type, and then export a structured zip file directory of the relevant documents optimized for auditor needs.
As an added benefit, downloads include all equity financing documents uploaded by your co-investors, so you have the most up-to-date documents on nonparticipating rounds to support valuation work and other audit-related reporting.
4. Add your service providers
Grant platform access to your service providers, including auditors, to streamline audit prep and execution. With User Management, you can add your auditors to your Aumni account and customize their view by assigning specific funds or portfolio companies to each user, all without any back-and-forth with Aumni’s support team.
Auditors with Aumni access can then self-serve information that’s relevant to their investigation and easily download the final documents they care about, thus reducing the risk of audit delays.
Once your audit is over, you can deactivate an auditor’s login from your Aumni Team Settings.
5. Run a supplemental report
Easily create reports based on your Aumni data and share them with your auditor as supplemental information with requested documents.
Use the Transaction Ledger Report, filtered for the current year, to showcase recent transactions along with critical economic, legal, and ownership data points. From the right-hand side under ‘Suggested Reports,’ you can also select the Audit Summary Data Report, which includes relevant financing and valuation data for each portfolio company.
By sharing transaction data in an intuitive report, you can demonstrate operational maturity and make it easier for your auditor to conduct their review.
Read the story: Discover how venture capital firm Floodgate used the Audit Log, User Management, and more to save 20+ hours in audit prep.
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Aumni, Inc. (“Aumni”) is a wholly-owned subsidiary of JPMorgan Chase & Co. Access to the Aumni platform is subject to execution of an applicable platform agreement and order form and access will be granted by J.P. Morgan in its sole discretion. J.P. Morgan is the global brand name for JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. Aumni does not provide any accounting, regulatory, tax, insurance, investment, or legal advice. The recipient of any information provided by Aumni must make an independent assessment of any legal, credit, tax, insurance, regulatory and accounting issues with its own professional advisors in the context of its particular circumstances. Aumni is neither a broker-dealer nor a member of any exchanges or self-regulatory organizations.
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