Prospectus Auditing and Verification Services

We verify the accuracy of prospectus fee tables and related share class text. Our work is guaranteed. We provide attestation letters from a CPA, CFA, and securities lawyer.

Since we provide algorithms and methodology to regulators, we’re in a unique position to help you. Think we can't, or there's no risk? Take our quick quiz and then decide.

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Most fund prospectuses contain serious math or text errors. As a result, investors use shares or accounts that are unsuitable for their situation. Boards are told that all is well. But buried deep in the math, problems persist that compromise the document.

For each prospectus, we issue a comprehensive report and three audit letters: CFA attestation related to accuracy, CPA determination letter related to consistency, and a legal opinion concerning relevancy. We also suggest text, numeric, and/or policy changes. Click here to see how we help you.

Examples of Errors We Helped Correct:

Misleading Tax Text: Descriptions of taxation were wrong for several share classes. The document did not describe accurately that each share carries a different tax burden. This omission led readers to underestimate the burden on institutional shares, thus over-promoting their merit. THIS ERROR EXISTS IN MOST PROSPECTUSES.

 

Inaccurate Fee Table:  The B-to-A “flip” was forgotten. So, displayed costs were far too high. The share looked uncompetitive. In reality, it was often best for small trades. Also, A-, B-, and C-share CDSCs were improperly tolled. The method used was in conflict with SAI text.  

 

Inaccurate Performance Table: Annual returns were not properly linked. Summary results in the table were entirely wrong in several prospectuses. 

 

Transposed Text: Stock and bond pay scales were transposed in 25 prospectuses. Moreover, a sales brochure stated: “In the long-term A-shares almost always outperform."  This was true for the firm's stock funds, but not its bond funds.

 

 

 

 

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