CFOs focus on audits during PEGCC event

During a call held by the Private Equity Growth Capital Council (PEGCC) for its CFO Committee, topics concerning the 2014 annual audit process were the main focus.

Late last year, pfm assembled a roundtable of CFOs and auditors to discuss how to make the year-end audit run smoother (see December issue). During the panel discussion, participants noted that last year was an exceptionally difficult audit period for private fund managers, with auditors and CFOs sometimes clashing on the types of models needed to justify fair value estimates.

About 15 CFOs attended the hour-long phone call, which was exclusively available to the industry lobbying group’s 36 member firms.

The call, which has been held quarterly since 2012, is part of the PEGCC’s recent effort to increase outreach and services for members.

“Our active committees across firm roles enable private equity professionals to network and share valuable information on best practices, current challenges and opportunities, and emerging trends,” said PEGCC spokesperson James Maloney.

In September, the group held its first annual “Chief Financial Officers’ Day,” at which 29 CFOs and senior executives from the PEGCC’s associate member firms discussed such issues as cybersecurity and the Security and Exchange Commission’s most recent interpretation of the custody rule.

PEGCC’s next event will be the CCO Working Group meeting on Wednesday, March 18. The group gives CCOs and legal experts the opportunity to meet regularly and exchange information about current regulatory developments and best practices. In the forum, CCOs discuss key issues such as SEC exam processes, valuation guidelines, ESG policies, the European Alternative Investment Fund Managers Directive, and compliance standards more generally.