The checks

The NAV checks NavRecs runs every morning.

This is the NAV review, written down: every NAV reconciliation check, in order. No two administrators run the identical list: some of these will not apply to your funds, and some of yours may not be here yet. These are our standard set of 18. At setup, each one is switched on, tuned to your tolerances, or switched off per fund, and anything you run that is missing is built. Every morning NavRecs runs them in seconds on the morning files and puts only the breaks in front of a named reviewer. Every figure is one click from its source. Every check maps to a control your regulator expects.

Cash and interest

  1. 01

    Cash reconciliation, per account per currency.

    The cash balances on the custodian statement against the cash in the accounting pack, fund by fund, currency by currency, compared in the balance's own currency so FX noise never moves the answer. Three outcomes: ties, explained (a difference that exactly matches a same-day trade), or check.

  2. 02

    Interest accrual completeness.

    The interest on the broker's statement, including the one that arrives as a PDF, tied to the interest booked, per currency per fund. A whole currency's interest can no longer go unbooked because someone missed a line while re-typing.

Prices and FX

  1. 03

    Security price check.

    Three comparisons per security: today against yesterday on the independent feed (stale or moved beyond your band), the accounting price against your primary feed, and the accounting price against the independent feed as the tiebreak, so two feeds agreeing wrongly cannot pass.

  2. 04

    FX rate movement, per currency.

    Every rate against its own prior day. A stale rate from a pricing job that fell over, or a large genuine move, goes to a human before release. A pack with no rates sheet surfaces as "not verified", never skipped.

  3. 05

    Cross-currency price check.

    Securities listed in one currency but held and priced in another. The listing price times the day's rate gives the implied price, compared against the broker's. Catches the stale or mistyped manual rate that would otherwise corrupt every price it touches.

Positions and trades

  1. 06

    Position reconciliation against each custodian.

    Every holding matched by ISIN. Quantity must tie exactly. Market value compared stated-to-stated in the security's own currency.

  2. 07

    Trade reconciliation.

    Two-sided matching of the custodian's trades against the accounting pack: side, quantity, price, currency. Anything unmatched on either side surfaces as a break.

  3. 08

    Corporate actions.

    Dividend events from the market data against what the accounting pack has processed. Other action types are surfaced for human review rather than guessed.

Income, accruals and fees

  1. 09

    Dividends receivable, per security.

    Gross equals quantity at ex-date times the declared rate; net equals gross less withholding. Exact, line by line, and the lines must sum to the trial balance.

  2. 10

    Accruals, every accrued expense.

    Each accrual recomputed from its own schedule and the days elapsed, against the booked balance. Exact.

  3. 11

    Prepayments.

    The expected remaining balance recomputed from each schedule, against the booked line.

  4. 12

    Management fee recompute.

    The fee recomputed from the fund's own terms (flat, tiered or with a minimum) against the fee payable in the trial balance. Exact, the way your own fee check works.

  5. 13

    Performance fees, per share class.

    Benchmark, high-water mark and fee recomputed forward from the day's stated openings, index growth and cashflows, against the stated figures and the booked payable. A full recalculation, never a sense-check.

Capital activity

  1. 14

    Subscriptions and redemptions.

    Subscriptions receivable and redemptions payable in the trial balance tied to the dealing cash, per fund, per side, per currency. Fund-level totals only. No investor-level data is read, shown or stored.

Around every check, two controls.

Import integrity: every file is read in full, or refused with the reason named on screen, never half-read, never guessed. Four-eyes sign-off: a fund cannot show as clear until a named, authenticated reviewer has signed off every open break with a reason, and every action, figure and file lands in a tamper-evident audit trail, ready for the auditor.

Tailored to you.

Every check is calibrated at setup: your tolerances, your bands, your sign-off rules, per fund. Run a check we do not have? We build it. Do not need one for a fund? It is switched off at setup.

For your compliance team.

Each check maps to a control named in the GFSC's pricing controls guidance and in CSSF Circular 24/856, the Luxembourg regulator's rules on NAV errors in force since January 2025.

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