Conifer Securities, LLC, a provider of business and operations applications to asset managers and institutional investors, completes a SAS 70 Type I Review of the firm’s San Francisco based hedge fund administration services, confirming Conifer’s excellence in providing middle and back office services to its growing global hedge fund client list.
“There is more scrutiny than ever before being placed on alternative asset manager’s activities,” says Jack McDonald, Conifer’s chief executive officer. “In this type of environment, it is essential that managers have comprehensive and robust accounting systems in place. Managers and investors alike look to Conifer’s Fund Administration team to provide timely and accurate financial reporting. The SAS 70 Type I designation confirms that Conifer is providing the high level of standards, controls, and systems necessary to support our clients’ business and financial needs.”
Stateent of Accounting Standards No. 70, “Reports on the Processing of Transactions by Service Organizations” (“SAS 70 Type I”), defines the professional standards used by a service auditor to assess the internal controls of a service organization and issue a service auditor’s report. The scope of the examination includes the control environment, risk assessment, information systems, communication monitoring and the description of controls applicable to the administration of hedge funds.
The review was performed by BDO Seidman LLP, an international accounting firm with a practice area dedicated to SAS 70 engagements. The report was issued in accordance with the American Institute of Certified Public Accountants Statement on Auditing Standards No. 70 (SAS 70), Service Organizations, as amended.
D.C.