Calibration is now the centerpiece, not the appendix. What “carry-forward” actually requires, what artifacts survive a workpaper review, and what audit-firm valuation specialists are flagging this cycle.
The independent reference is not the same as the GP’s NAV. What “LP-friendly” actually means in practice, why ILPA and the SEC are converging on a standard, and how to run a continuation-fund close that does not slip.
Three patterns showing up in this cycle’s PCAOB AS 2501 inspection comments — comparable-set documentation, consistency-with-management challenges, and specialist independence — and what they mean for the standard deliverable.