Phoenix Fund Services has obtained ISAE 3402 Type II certification for its internal control procedures across its investment operations and fund administration business for the year to 30 September 2012. This follows an initial accreditation to 30 September 2011.
The 3402 standard was published by the International Auditing and Assurance Standards board in December 2009 and became effective in June 2011.
It replaced the SAS 70, an internationally recognised auditing standard developed by the American Institute of Certified Public Accountants which helped companies to identify service organisations that comply with defined control objectives and audit standards.
Rob Leedham, director of operations, said: “This accreditation provides our clients with reassurance that Phoenix is delivering a service to a high standard and in line with the required control objectives as an investment operations and funds administration business.”
KPMG were engaged for this certification.
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