ISIS Fund Services has recently completed a Type I SAS 70 examination, performed by a big four independent accounting firm. ISIS intends to obtain a Type II SAS 70 in 2011.
AICPA SAS 70 is a recognized reporting standard that allows service providers to disclose in detail their control activities and processes to their clients and their customer’s auditors in a uniform reporting format.
The independent Type I SAS 70 examination for ISIS consisted of an evaluation of the description of controls related to fund accounting (which includes new fund set up, transaction processing, cash and position reconciliations, valuations, cash receipts and disbursements, NAV calculations, performance and management fee processing and financial statement reporting), investor services and information technology (which includes logical and physical access security, change control management, and system back-up and recovery processes).
“Completing a Type I SAS 70 is an important and critical step for ISIS to take to compete in an ever more challenging fund administration environment, says says Brian Desmond, ISIS COO. The annual performance of the SAS 70 examination demonstrates our commitment to quality, confidentiality and maintaining a high level of internal control.
In the latest Global Custodian survey of hedge fund administrators, ISIS achieved the difficult feat of raising an already outstanding set of scores to a still higher level.