As managing a hedge fund grows more complex, fund managers must hire outside auditors and accountants to handle many of their financial reporting needs. Accounting firms perform the audits necessary to verify the practices of funds; they offer increasingly international tax advice; and they provide security valuation services, among other duties.
When hedge fund voters were asked to rate aspects of service in accounting based on importance, this is the ranking that resulted, from most to least important: audit, hedge fund expertise, tax, client service, and lastly, regulatory and compliance.
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