Review the changes that require attention.
Separate operating updates, approved valuations and outstanding review decisions.
Compare the incoming evidence with the approved figures before accepting the update.
Keep reporting and valuation dates distinct
Show the latest operating report alongside the date and basis of the approved valuation. A reduction in cash runway may require attention even when the reported holding value is unchanged. Each measure should retain the period and source relevant to its interpretation.
Prioritise material exceptions
Bring material revenue revisions, shorter cash runway and concentration concerns to the reviewer’s attention. Present the incoming figures beside the approved record, retain the supporting source and make the owner of the review clear before accepting the change.
Carry approved changes into reporting
Use the reviewed investment record for portfolio oversight and the principal’s briefing. Preserve disputed figures and unresolved questions as review items. The report should show which information has been accepted and which conclusions still depend on further evidence.