HedgeServ has successfully completed the Statement on Auditing Standards Number 70 (SAS 70) Type II examination of its middle, back office and fund administration controls. A Big Four auditing firm conducted the independent examination.
The SAS 70 Type II certification is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA) to define the professional standards used by a service auditor to assess and report on the internal controls of a service organization. SAS 70 Type II certification verifies that HedgeServ's controls are operating effectively.
"We are committed to best practices in maintaining a robust and comprehensive control environment. Our unique transparent technology platform enables our clients to view our controls and to determine that they are working effectively," said Justin Nader, President of HedgeServ.
HedgeServ will continue to certify annually and will re-certify in 2011 under the two new standards replacing SAS 70, the International Standard on Assurance Engagements (ISAE) 3402 "Assurance reports on controls at a service organization", and the Statement on Standards for Attestation Engagements (SSAE) No.16, "Reporting on controls at a service organization".
HedgeServ has $70 billion of assets under administration.
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