Amicorp Fund Services, a fund administrator, announces today it successfully concluded the SAS 70 Type II service evaluation and audit performed by one of the Big Four audit firms.
SAS 70 is a widely recognized third party review performed in accordance with the Statement on Auditing Standards no. 70, developed by the American Institute of Certified Public Accountants. A Type I audit only lists the controls an organization has in place. The Type II report on the other hand is more comprehensive as it also tests the degree to which the organization actually has adhered to these controls in a specified time period.
Global Head of Amicorp Fund Services Claudio Cecchini notes: With the growing complexity of the alternative investment industry, increased regulation as well as investor awareness, it has become almost unthinkable for companies that deal with financial and confidential information not to have an independent commendation. The SAS 70 Type II evaluation provides our existing and future stakeholders transparency on the effectiveness of our controls. It also shows our dedication as their trusted business partner to the highest of industry standards and best practices.
SAS 70 reports typically assist investors, fund managers, auditors and regulatory bodies in their understanding and due diligence evaluation of an organization. SAS 70 reports will in 2011 be superseded by a similar but new standard named ISAE 3402/SSAE 16. Amicorp Fund Services intends to renew its evaluation status annually, which will mean that subsequent reviews will be under the new standard.
D.C.