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Does a first-time manager on a small fund need audited financial statements, or is a review sufficient?

The Cornerstone LPA allows financial statements to be certified by the general partner, reviewed by a certified public accountant, or fully audited. For a first fund of around ten million dollars, what do limited partners actually expect, and roughly what does each option cost annually? 
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For a first-time manager with a ~ $10 million fund:

- Most smaller, relationship-driven LPs will often accept **GP-certified** or **CPA-reviewed** statements early on.
- **Institutional LPs** usually expect **annual audited GAAP accrual financials**, often delivered within **90 to 120 days** after year-end.
- Practical norm:
- **GP-certified**: lowest-cost, least institutional credibility
- **CPA review**: middle ground for a small Fund I
- **Audit**: best if targeting institutional LPs or optimizing for Fund II diligence

I can’t confidently quote annual market pricing for each option from the provided Decile sources.

Reference:
- https://decilegroup.com/articles/vc-fund-accounting

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