Daiwa Securities Global Asset Services has retained its Statement of Auditing Standards (SAS) 70 Type II report issued in August from its independent auditors, KPMG, in respect of Daiwa Europe Fund Managers Ireland Limited, its fund administration operation in Ireland.
Daiwas previous SAS70 Type II report was issued in January 2011, but in response to developing industry trends and the wish to give clients and fund auditors the highest level of continuous assurance, Daiwa has moved to having 12 monthly SAS70s which will be issued on a biannual basis for the previous 12-month period.
“SAS70 remains the internationally accredited benchmark of service quality for fund administrators, Karl McEneff, managing director, says. In todays industry it is absolutely imperative that administrators can provide a formal level of independent assurance regarding their internal control environment to clients, the fund boards and the fund auditors. We have moved from an annual report to a more contemporaneous basis to provide the level of reassurance our clients and counterparties are looking for. Daiwa has now received four consecutive SAS70 Type II reports spanning the period from July 2008 to May 2011, which is an achievement we are proud of and due in no small way to the diligence of our staff as well as the robustness of our systems and control environment.
(CM)