Law360, New York ( May 7, 2015, 10:37 AM EDT) -- Private equity valuations have been subject to increasing review from both limited partner investors and regulators. In addition, the independent accounting firms have seen their audit procedures for fair-value determinations and estimates come under increased scrutiny. Publicly traded investment managers — addressing their valuations in the context of revenue recognition for carried interest on unrealized private equity holdings — are now generally using independent firms to assist with their valuation work. While this may suggest the use of independent firms more broadly by other private equity managers, neither U.S. generally accepted accounting principles (GAAP) nor industry guidelines require managers to obtain independent valuations....