National Equity Fund

Audit Notes

Please review the Reporting Requirements spreadsheet for each individual Partnership to determine if the Partnership is required to submit an Engagement Letter, signed Component Auditor Letter, Draft Audit or if the Draft Audit requires NEF Approval.

Please refer to the Year End Reporting deadlines to ensure each Partnership meets its reporting deadlines for all Audits and required supporting documentation. All submissions should be uploaded via the NEF CPA Portal (preferred) or via email to


For certain Partnerships, a copy of the executed Engagement Letter is required to be submitted to NEF by the Year End Reporting Deadline. In addition to the Partnerships listed on the referenced spreadsheet, if a Partnership engaged a new CPA for the current year-end reporting, please submit a copy of the executed Engagement Letter to NEF.


NEF’s Fund Auditors (Novogradac & Company LLP and CohnReznick LLP) require Component Auditor Letters for certain partnerships in accordance with AU-C Section 600. The signed letter, current Peer Review Report & related Acceptance Letter should be returned directly to the respective Fund Auditor in accordance with the instructions noted in the Component Auditor Letter by the Year End Reporting Deadline.

Please note that our Fund Auditors rely on the partnership, as audits based on the Peer Review Reports for each CPA firm. In certain situations listed below, our Fund Auditors may be required to perform additional procedures over the individual Partnership’s current year activity. The impact of this additional work is two-fold. First, it will delay NEF’s reporting to its investors. Second, the additional costs incurred by the Fund Auditors to perform such work will be the responsibility of the respective Partnership.

The situations in which the additional procedures may be warranted include the following.

If one of the situations above occurs, a representative from the NEF Financial Analysis Department will contact you.

General Audit Notes

If you need further information or wish to discuss any of the matters set forth herein, please contact Brandon Harrington, NEF Manager of Financial Analysis, by email at or by phone at (312) 697-6111.

* Tax Return only for Partnerships with Preliminary Audit Waiver Approval or Partnerships that have elected the mini-audit in lieu of full financial audit option.