Custom House Administration & Corporate Services Limited has received a SAS 70 Type II Report.
Custom House received its SAS 70 Type I Report in May 2007 and both Reports were carried out by Ernst & Young, as independent auditors.
Statement on Auditing Standards No. 70 (SAS 70) is an internationally recognized auditing standard that allows Custom House to disclose its control activities and related control objectives to clients and clients’ auditors, in a uniform report format, reflecting an examination by an independent service auditor.
“I am immensely proud of all the staff responsible for this impressive achievement,” says Dermot Butler, chairman,Custom House.
“The institutionalization of the industry has created a demand for this level of reporting standard. We are very pleased that as one of the few hedge fund administrators with a Type II SAS 70, Custom House is at the front of the pack,” adds David Blair, managing director, Custom House.
Custom House was also the first hedge fund administrator awarded a “Management Quality” rating from Moody’s in 2002.
Custom House, which surpassed $30 billion in assets under administration as at 1 November, hopes to exceed $32 billion as at 1 January 2008.