GlobeOp Financial Services has successfully completed a SAS 70 Type II examination of specified middle-, back-office and fund administration controls by accounting and auditing firm Ernst & Young LLP.
GlobeOp passes a SAS 70 Type II examination for the second consecutive year. This year independent examination evaluated the design of GlobeOp’s specified controls as of 30 September 2008, and the operating effectiveness of the specified controls for the period from 1 January 2008 to 30 September 2008.
Operational procedures and controls included in the examination scope support new fund set-up, transaction processing, position reconciliation, cash receipts and disbursements, month-end process, investment valuation and investor relations. The examination also included controls related to logical and physical security, data transmission, change and problem management, and system back-up and recovery processes.
A SAS 70 report is intended for a service organisation’s management, its user organisations and the independent auditors of the user organizations. It provides information and an independent assessment of a service organization’s specified controls as they relate to processing of transactions in connection with audits of financial statements.
L.D.