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Investment Audit

Harvest offers a number of reports designed to assist with today’s needs for the Financial Reporting surrounding investments. These reports are designed to help you meet PCAOB/SEC, ASC 820 GASB, IFRS or SOX standards. Harvest clients use these reports in conjunction with their work with Annual Reports, External Audits, Internal Controls, Peer Reviews, PCAOB/SEC Reviews and Bank Examiners.

Industries served include:

  • Financial Institutions
  • Benefit Plans
  • Not-For-Profits
  • Governmental Entities
  • Corporations
  • Funds

The Harvest reports available include:

Investment Portfolio Review (IPR)

The IPR provides independent, transparent and unbiased investment prices manufactured to satisfy the need for higher quality valuations. The IPR is a thorough, easy-to-read report highlighting the ASC 820 required detail for each price including Levels, Models and Basic Risk Information. Key Inputs are available for inclusion in this report or separately in the PVAR report.

Price Variance Report (PVAR)

The PVAR report is a detailed report that lists the key inputs and models that are behind a Harvest price. This report is the Harvest “deep dive”. The PVAR report provides the model(s) and key inputs used in the calculation of any Harvest price in a clear and easy to read format. Market data and item specific data are provided along with context regarding their relevance to the price. This enables the user to document and understand the derivation of any Harvest price. The PVAR is frequently used when the Harvest price/value for an investment reveals a Client price/value to be outside of a reasonable range of the market.

Alternative Investment Review (ALT)

Alternative Investments are investment funds comprised of underlying investments, the value of which determines the value of the funds. These types of investments include separate accounts, commingled funds, limited partnerships, and real estate investment trusts (REITs). Many of the alternative investments Harvest reviews result in variances, and they are often material. The Harvest process includes a review of the Manager’s valuation methodology, exit parameters, underlying holdings, and inherent risks.

Insurance Company Product Review (ICPR)

The ICPR is a valuation report for insurance company products such as traditional GICs, Synthetic GICs, Evergreen rate products, etc. Employee Benefit Plans are often invested in such products in order to smooth investment returns and provide qualified, benefit-responsive withdrawals to their Employees. Every insurance company product is an individualized agreement between two parties, and each is different. The Harvest ICPR is an independent review designed to meet financial reporting requirements, use observable market information, and bring clarity into an otherwise complex product area.

Purchase and Sale Price Testing (PSPT)

The PSPT is a review of the buy/sell execution prices realized over time in a portfolio. This report is typically included in Benefit Plan Audits, but is useful to internal auditors as well for any portfolio where it is desirable to test one of the most important parts of the investment process - the execution of investment trades. Typically the testing is done on a sampling of the entire portfolio, and can be performed for multiple dates throughout the year. This report is frequently included in a set of reports looking at all aspects of the portfolio.

Dividend and Interest Testing (DIT)

The DIT is a test of the Client’s, Custodian’s or other Vendor’s calculation of dividends paid on stocks or interest paid on fixed-income securities. This report is frequently used in Benefit Plan Audits and can be included in a set of reports looking at all aspects of the portfolio.

Accrued Income Testing (AIT)

The AIT is a test of the Client’s, Custodian’s or other Vendor’s calculation of accrued income for fixed income securities and equities. This report can be included in a set of reports looking at all aspects of the portfolio. The AIT highlights any differences between the Harvest Accrued Income and the Client Accrued Income, with any known likely explanations detailed in the notes.

Amortization/Accretion Testing Report (AMAC)

The AMAC is a test of the Client’s, Custodian’s or other Vendor’s calculation of premium/discount amortized/accreted to date. The AMAC highlights any differences between the Harvest and Client Amortization/Accretion as of a specific date. This report is frequently requested by Auditors and can be included in a set of reports looking at all aspects of the portfolio.

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