Should the Fund support a yearly audit request?

Generally, no - an emerging, smaller Fund should not support a yearly audit request. 

Since the goal is to maximize the returns for LPs, it is preferred to use as much of LP's capital as possible to make investments rather than on fund expenses.

However, our tax partner, Spicer Jeffries, can do an audit every year. It is not very common for smaller funds to have audits and we strongly recommend against an audit due to the expense and extra lift required for reporting.