# Audit Confirmed

**Audit confirmed** is a status applied to a fund's financial data once the external auditors have completed their review and issued a clean opinion for a stated reporting period. It is the highest level of assurance that fund financials are accurate.

## What Auditors Review

The annual audit covers:

| Area                      | What is verified                                                                                     |
| ------------------------- | ---------------------------------------------------------------------------------------------------- |
| Fund financial statements | Balance sheet, income statement, statement of changes in partners' capital                           |
| LP capital accounts       | Each LP's paid-in capital, distributions, and ownership percentage                                   |
| Portfolio fair values     | Technique selection, inputs, valuation committee sign-off per [IPEV](/reporting-and-metrics/ipev.md) |
| Fee calculations          | Management fee computation, offset credits, carried interest accruals                                |
| Capital call records      | Call amounts, allocation math, settlement records                                                    |
| Distribution records      | Distribution amounts, waterfall application, payment receipts                                        |

## Status Progression

Gildi tracks each reporting period through three audit states:

| Status              | Meaning                                                             |
| ------------------- | ------------------------------------------------------------------- |
| **Draft**           | GP is preparing financials; figures may change                      |
| **Unaudited**       | Financials finalized for the period; auditors have not yet reviewed |
| **Audit confirmed** | External auditors have signed off; period is locked                 |

Unaudited quarterly reports are available to LPs immediately after the GP publishes them. Audit-confirmed status is reached once per year (year-end audit) and is applied retroactively to the relevant period's data.

## Lock Behavior in Gildi

Once a reporting period is marked **audit confirmed**, Gildi enforces a lock:

* Fair value marks for that period cannot be edited.
* Capital account balances are frozen.
* Capital call and distribution records are read-only.

Changes after lock require an **amendment workflow**: the GP submits an amendment request, the auditor reviews and issues an updated opinion, and Gildi records the amendment with a full audit trail noting the change, the reason, and the new auditor sign-off.

## LP Access

LPs can filter their reports by audit status in the Gildi portal:

* **All reports** — includes draft and unaudited figures.
* **Audited only** — shows only periods with audit confirmed status.

The audited annual report package (financial statements, valuation summary, capital account statement) is available as a downloadable PDF from the LP's portal. This is the document LPs provide to their own auditors and tax advisors.

## Timing

Most private equity funds complete their annual audit 3–6 months after the year-end reporting date. Until the audit is complete, year-end figures are available as unaudited. Gildi notifies LPs when audit confirmation is applied to a period they have already accessed as unaudited.


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