What can you guys tell me about auditing a private equity fund?

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Too broad of a question. What would you like to know?

To clarify, there is some complexity, like around level 3 valuations or carried interest waterfalls, but overall there is less stuff to audit. Some funds i audit will have 5 items on the balance sheet, no income (other than realized and unrealized investment gains) and about two expense categories to test. It’s just that you have to audit 20 different funds sometimes for the same client

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Fund of funds?

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