Ashland Partners

What Ashland Partners does

Ashland Partners & Company LLP is a privately-held, PCAOB- and AICPA-registered specialty CPA firm founded in 1992 by Melvin Ashland and headquartered in Medford, Oregon, with a regional hub in Chicago. The firm provides audit, assurance, and consulting services exclusively to the investment management industry, organized across seven service lines: Audit & Tax, SOC/Internal Controls examinations, GIPS Verification, Surprise Custody Examination under Rule 206(4)-2 of the Investment Advisers Act of 1940, Strategy Examination, Cyber Security Solutions, and Agreed Upon Procedures. The client base is horizontal and spans registered investment advisors, private funds, hedge funds, fund of funds, fund administrators, and transfer agents, with client assets under management ranging from under $100 million to over $400 billion.

The firm operates a partner-led, consultative enterprise sales motion, delivering engagements through senior-level professionals supported by a proprietary web-based Client Portal for secure document exchange and recurring engagement workflow. The go-to-market is primarily direct partner-level engagement with enterprise investment management firms, supplemented by thought-leadership content (insights/blog articles on GIPS compliance, custody rules, SOC examinations, and cybersecurity) and LinkedIn presence. Marketing channels are concentrated at the top of the funnel; industry advocacy through the CFA Institute, AICPA, SIFMA, OSCPA, and the GIPS Standards Verifications Subcommittee functions as a referral and credibility engine. Pricing is structured as a flat-fee model with full fee transparency, differentiating the firm from typical hourly-billing professional services competitors.

Ashland Partners has been led since 2018 by Managing Partner Carrie Zippi (headquarters, Medford) and Partner Scott Cosentine (Chicago office), following founder Melvin Ashland's retirement on January 1, 2018. The firm maintains coast-to-coast U.S. presence and serves clients in key international financial markets, with 101-250 employees, no disclosed external investors or parent company, and no acquisition history. Current leadership has earned industry recognition including consecutive Forbes Best in State CPAs designations (2025 and 2026) for Carrie Zippi, and a 2015 NAPAP Top 10 Public Accounting Professional Rising Star recognition for Scott Cosentine during his prior tenure at Crowe LLP.

Name

Ashland Partners

Legal name

Ashland Partners & Company LLP

Website

https://ashlandpartners.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

101–250 employees

Short description

Ashland Partners is a PCAOB-registered specialty CPA firm founded in 1992 that provides audit, assurance, and consulting services exclusively to the investment management industry, including GIPS verification, SOC examinations, and surprise custody examinations for clients ranging from emerging managers to firms managing over $400 billion in AUM.

Ownership category

akta.pro rank

Product category

Investment Management Audit & Assurance Services

NAICS

Offices of Certified Public Accountants (541211), Management, Scientific, and Technical Consulting Services (5416)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Internal Audit & SOX/ICFR Advisory (BPAHAFAD)

Keywords

• Investment management audits
• GIPS verification services
• SOC 1 examinations
• Custody compliance examinations
• Investment advisory compliance

Headquarters

HQ city

Jacksonville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Audit & Tax Services: Financial statement audits and tax return preparation services for investment management firms, funds, RIAs, and related entities. Services include financial statement audits for SEC compliance, LP requests, and internal corporate governance; tax services including federal, state/local, ERISA returns, nexus apportionment, and strategy implementation.
2. SOC/Internal Controls Examinations: SOC 1 Type 1 and Type 2 examinations and custom internal control services for investment advisors, fund administrators, and transfer agents. Also includes SOC Readiness Assessments for organizations preparing for formal SOC examinations.
3. GIPS® Verification: Global Investment Performance Standards verification and performance examination services for investment management firms claiming GIPS compliance, including initial pre-verification consulting, firm-wide verification, and composite performance examinations.
4. Surprise Custody Examination: Surprise custody examinations on firms deemed to have custody under Rule 206(4)-2 of the Investment Advisers Act of 1940. Includes confirmation with qualified custodians and clients, reconciliation, and SEC reporting.
5. Strategy Examination: Independent third-party review of investment performance results for firms not claiming GIPS compliance. Examines strategy track records, performance calculations, and compliance with firm-defined policies.
6. Cyber Security Solutions: Cybersecurity services including risk assessments, policy and procedure reviews, vulnerability and penetration testing, training and phish testing, and agreed-upon procedures for investment management firms.
7. Agreed Upon Procedures: Customized consulting and agreed upon procedures engagements covering compliance with regulations, internal controls, operational processes, and AML compliance.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Ashland Partners is a PCAOB and AICPA registered specialty CPA firm delivering audit, assurance, tax, and consulting services exclusively to the investment management industry. The firm provides financial statement audits, SOC 1 examinations, GIPS verification, surprise custody examinations, strategy examinations, cybersecurity risk assessments, and customized agreed-upon procedures to investment advisors, private funds, hedge funds, fund administrators, and transfer agents. Services are delivered via partner-led engagements with senior-level professional involvement on every engagement, supported by a proprietary client portal for secure information exchange.

Product overview

Ashland Partners is an AICPA & PCAOB registered CPA firm offering a suite of audit, assurance, and consulting services specifically designed for the investment management industry. The firm operates as a single unified practice with multiple specialized service lines: Audit & Tax (financial statement audits and tax services), SOC/Internal Controls (SOC examinations and custom internal controls), GIPS® Verification (investment performance standards compliance), Surprise Custody Examination (regulatory compliance under Investment Advisers Act), Strategy Examination (third-party investment performance review), Cyber Security Solutions (risk assessments and penetration testing), and Agreed Upon Procedures (customized consulting engagements). These services are delivered through a combination of direct client engagement and a web-based Client Portal, serving investment managers ranging from emerging managers to firms with over $400 billion in assets under management.

Differentiator

Problem solved

Functional benefit

Products and services

• Audit & Tax Financial statement audits and tax services tailored to investment management firms, including private funds, RIAs, fund of funds, feeders, CITs, REITs, ETFs, mutual funds, and broker dealers. Includes federal, state/local, and ERISA tax return preparation, nexus apportionment, and tax strategy implementation.
• SOC / Internal Controls SOC 1 Type 1 and Type 2 examinations and custom internal control services for investment advisors, fund administrators, and transfer agents, plus SOC Readiness Assessments for firms preparing for formal SOC examinations.
• GIPS Verification Global Investment Performance Standards (GIPS) verification services including initial pre-verification consulting, firm-wide verification, and performance examinations for composite track records.
• Surprise Custody Examination Surprise custody examinations for firms deemed to have custody under Rule 206(4)-2 of the Investment Advisers Act of 1940, covering review of books and records, confirmation with qualified custodians and clients, reconciliation, and SEC reporting.
• Strategy Examination Third-party review of investment performance results for firms not claiming GIPS compliance, examining strategy track records, performance calculations, and compliance with firm-defined policies and procedures.
• Cyber Security Solutions Cybersecurity services including risk assessments, policy and procedure reviews, vulnerability and penetration testing, training and phish testing, and agreed-upon procedures for investment management firms.
• Agreed Upon Procedures Customized or narrow-scoped consulting and agreed-upon procedures engagements covering compliance with regulations, internal controls, operational processes, and AML compliance.
• Client Portal Web-based client portal at portal.ashlandpartners.com for Ashland Partners clients to access services, submit information, and communicate with the firm securely.

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• ACA Group: ACA Group is a specialist consulting and compliance firm serving investment management, broker-dealers, and private funds. It offers GIPS verification, performance reporting, regulatory consulting, and cybersecurity services that directly overlap Ashland Partners' core offerings to the same RIA and fund client base.
• The Spaulding Group: The Spaulding Group is a consultancy specializing in GIPS compliance, performance measurement, and verification for investment managers. It is one of the most established direct competitors in GIPS verification, the same service line in which Ashland Partners has its founding heritage.
• BBD, LLP: BBD, LLP is a CPA firm with a dedicated investment management practice providing audit, tax, and consulting services to RIAs, hedge funds, private equity funds, and fund of funds. Its specialty focus and client types closely mirror Ashland Partners' investment management-only positioning.
• Schapiro & Company CPAs: Schapiro & Company is a CPA firm focused exclusively on the investment management industry, providing audit, tax, and consulting services to RIAs, hedge funds, private funds, and broker-dealers. Its single-vertical structure makes it a close functional peer to Ashland Partners.

Broad incumbents

• Crowe LLP: Crowe LLP is a top-10 U.S. accounting firm with a dedicated Financial Services practice serving investment advisors, broker-dealers, and funds. It is a competitor on audit, tax, SOC, and consulting engagements from the previous employer of Scott Cosentine, Ashland Partners' Chicago partner-in-charge.
• KPMG: KPMG's U.S. Audit and Asset Management practice serves RIAs, hedge funds, private equity, and mutual funds with audit, tax, and advisory services. It is a broad incumbent that competes with Ashland Partners on larger investment management audit and SOC engagements.
• Deloitte: Deloitte's Investment Management practice provides audit, tax, consulting, and risk services to asset managers and alternative investment firms. It is a globally scaled broad incumbent that competes with Ashland Partners, particularly for large, multi-jurisdictional engagements.
• Marcum LLP: Marcum LLP is a top-15 U.S. accounting firm with a dedicated Financial Services practice providing audit, tax, and consulting services to investment advisors, hedge funds, and private funds. Its specialty practice overlaps Ashland Partners' GIPS, SOC, and custody examination service lines.

Regional players

• Plante Moran: Plante Moran is a large U.S. regional CPA firm with a dedicated Financial Services practice serving investment advisors, broker-dealers, and funds. It competes with Ashland Partners on middle-market audit, SOC, and consulting engagements across the Midwest and beyond.
• Wipfli: Wipfli is a top-25 U.S. accounting and advisory firm with a Financial Services practice serving RIAs, broker-dealers, hedge funds, and private equity firms. It competes with Ashland Partners on audit, tax, SOC, and cybersecurity engagements in the middle-market segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/211340
• Xx.com/ashlandpartners

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ashland Partners