37 ILPA Principles 3.0 Information Access and Fund Audits Investors or their designated proxies should consider the following as it relates to access to fund auditors and fund auditor-generated reports as well as find- ings from any third party engaged by an individual LP or the LPAC to review compliance of the GP’s report- ing and policies with the LPA: • The fund auditor has an ultimate responsibility to ensure that financial reports are free from fraud or misstatement for the benefit of all partners in a fund including limited partners. • The findings of the fund audit, in summary form, should be available to all investors in a fund. • Limited Partners Advisory Committee (LPAC) members should additionally have access to the management letter provided by the fund auditor and the ability to pose questions to the auditor directly. A discussion of the annual fund audit find- ings should be a standing item on LPAC meeting agendas. • A sampling of Capital Account Statements, Fees and expenses captured through the ILPA Reporting Template (2016) and waterfall calculation formulas and the calculation’s constituent inputs should be examined by the fund auditor. The results of this examination should be disclosed to investors upon request. • In cases where the LPAC of a fund or an individual LP has reason to engage in a third-party audit of LPA compliance, fund documentation language should allow for the access of this third party to any information necessary to the engagement as determined by the LP. FINANCIAL DISCLOSURES