Valuation and performance calculation review
We re-perform a sample of valuations and returns using the same sources the application claims to use, then explain every difference that is not a rounding remainder.
Dashboard tiles often show a single return or a single NAV. Behind that tile there may be several calculation paths: time-weighted and money-weighted returns, gross and net of fees, base currency and local currency, and different treatments of large cash flows. We document which path the application actually runs, not which path the brochure describes.
Sampling is designed with the client. A typical review covers a month-end, a quarter-end, and one known awkward event such as a large contribution, a spin-off, or a suspended price. We rebuild the expected figure from source statements and compare it to the application output at the same timestamp.
Differences are classified. Some are documentation gaps. Some are genuine formula errors. Some are intentional policy choices that have never been written down. Each class has a different remedy, and we do not collapse them into a single “system issue” label.