Preparing for a Fiduciary Audit

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Many foundation trustees and directors have long recognized the importance of an investment policy statement (IPS) as a template to guide their fiduciary decisions. Today, the growing complexity of the global capital markets and abundance of sophisticated investment strategies have made the role of these statements even more important. This complexity also has demonstrated that an IPS presently is inadequate as a template to manage risk.

An increasing number of accounting firms are conducting audits that scrutinize an organization’s IPS, rather than merely evaluating compliance with stated guidelines. The auditors are examining the investment management process outlined in the IPS and then auditing the actual process of portfolio construction to determine compliance.

In this resource, one institutional investment consultant provides information on the increasing level of audit scrutiny.

Full article includes sample document.

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