According to Article 25 of the Notes for Filing Private Investment Funds, the fund annual report and audit requirements manager shall submit the annual report of private investment funds to the Association within the specified time. The financial and accounting reports of the annual reports of private equity investment funds and private equity allocation funds shall be audited. The data reporting requirements of China Foundation Association System are different from the usual financial audit reports. Accumulated fund audit reports provide more convenient data reports for private fund managers. Combined with the account comparison table under the guidelines of the China Foundation, the accounts in the audit report are classified in detail to form the audit report and notes with the characteristics of private equity funds.

It is most important to review the flow of funds. The operating conditions and governance activities of enterprises will be reflected in the financial revenue and expenditure. By sorting out the flow of funds, on the one hand, we can classify the inflow and outflow of funds, and from business to the flow of funds, we can see whether the collection contracts of related businesses are reflected in the collection of funds and whether there are differences. Pay attention to the business cost contract, whether to pay related expenses according to the node and amount agreed in the contract. On the other hand, from the flow of funds to business, we should pay attention to whether there is a situation where we can't see the relevant information at the business level, but we can see the traces of related projects at the capital level. For large capital expenditures, we should ensure a certain proportion of walk-through tests to check whether the basis of relevant expenditures is sufficient and whether the approval is appropriate.