# Reviewing a vault (/invest/advanced/due-diligence)

Review the specific vault, not just the Akashi Vaults product model. Two vaults running the same core can hold different assets, use different settings and depend on different operators.

## 1. Establish identity and status [#1-establish-identity-and-status]

Confirm the network, vault address, core program and tranche mints. Check that the vault is in the state needed for the action. A matching name or logo is not proof of identity.

## 2. Understand the source of return [#2-understand-the-source-of-return]

Identify why each position should earn: lending demand, issuer cash flows, or another mechanism. Separate source rate, target-weighted estimate, actual holdings and realised results. Check idle cash and the share of value in pending external actions.

## 3. Look through concentration [#3-look-through-concentration]

List dependencies by issuer, borrower or originator, asset, venue, program and economic driver. Multiple venues can conceal a common exposure. Ask which scenarios could affect several positions together.

The [limit engine](/invest/advanced/limit-engine) provides a separate strategy-review framework. A curator’s acknowledgement of a departure is not proof that the risk has been removed or that the contract enforces that framework.

## 4. Understand your tranche [#4-understand-your-tranche]

Inspect coverage, its floor and the premium curve. Review [yield allocation](/invest/advanced/yield-allocation) and [loss scenarios](/invest/advanced/losses-and-recovery). Junior accepts first losses and can be unable to exit when coverage is tight. Senior can lose value after the cushion is exhausted.

## 5. Trace the exit [#5-trace-the-exit]

Ask what funds a withdrawal at your intended size. Check idle cash, external lending utilisation, redemption windows, swap depth, coverage, outflow limits and incident states. A valuable claim is not necessarily liquid USDC.

Review [liquidity and queues](/invest/advanced/liquidity-and-queues), including executor and valuation dependencies. Do not replace this analysis with a notice-period countdown.

## 6. Inspect control [#6-inspect-control]

Identify admin, guardian, executor, registry and upgrade authorities. Check actual delays and pending changes. Distinguish instant risk reduction from delayed increases and review which operations can be paused.

## 7. Inspect evidence and costs [#7-inspect-evidence-and-costs]

Read audit scope, version and unresolved limitations rather than only an audit logo. Distinguish test fixtures, snapshots, deployed code and successful funded cycles. Check [fees and costs](/invest/fees), including external execution.

## 8. Decide what remains uncertain [#8-decide-what-remains-uncertain]

If a parameter, asset exposure or authority cannot be established, record the uncertainty. A missing fact should not silently become a favourable assumption. Use the [feedback form](https://akashi.finance/feedback) for documentation discrepancies. Never send credentials.

This reading path supports your investigation. It does not certify a vault or determine an appropriate investment size for you.