Definition of an Audit
An examination of financial and non-financial information to determine if that information meets a set standard.
Types of Audits
Information Technology
This is an examination of the Information Technology Infrastructure. It is a check to see if data is being stored properly, if cyber security is sufficient, etc.
Accounting
This is an examination of the information that accountants prepare. The purpose is to make sure the information is accurate.
Performance
This is an examination of the performance of a system. The purpose is to make sure the system is running effectively and efficiently.
Quality
This is an examination of the quality of the product produced. The purpose is to make sure the product is of satisfactory quality.
Project Management
This is an examination of the project lifecycle. The purpose is to make sure the project is run in a certain way.
Energy
This is an examination of the amount of energy being used. The purpose is to minimize the energy input without negatively affecting productivity.
Operations
This is an examination of the operations being performed. The purpose is to check if objectives are being reached by the operations being done.
Forensic
This is an examination of the company and its components. The purpose is to find fraud, missing money, etc.
Investment Fee Structure
Rate | Assets Under Management |
1.44% | Below $125,000 |
1.00% | Between $125,000 and $750,000 |
.85% | Between $750,000 and $1,250,000 |
.80% | Between $1,250,000 and $1,750,000 |
.75% | Between $1,750,000 and $2,500,000 |
.70% | Between $2,500,000 and $3,250,000 |
.65% | Between $3,250,000 and $4,250,000 |
.60% | Above $4,250,000 |
A single rate is applied to the entire account. So a person with a $750,000.01 account pays less than a person with a $750,000 account. I will waive personal tax return fees for accounts over $1 million. For accounts that are above $5,250,000, we’ll need to discuss a custom rate.
As I’m writing these to help my readers, I would be very appreciative of any input in regards to what I should write next. If you want me to write about a particular topic, please contact me. Please contact me if you would like to submit a post to my blog.
If anything that I mentioned above interests you, please consider downloading my free e-book. The book contains my thoughts on investment management and some information that I think everyone should know. You can also download it below.
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Questions for the comments
Did my explanation make sense? Do you agree or disagree with what I said?