Pinnacle Fund Administration LLC, a provider of full service fund administration services to onshore and offshore alternative investment vehicles, has completed an American Institute Certified Public Accounts (AICPA) Statement on Auditing Standard (SAS) 70, Service Organizations, as amended, Type I examination of its Charlotte-based fund administration services.
A SAS 70 examination is a reporting standard that signifies Pinnacle has conducted a third party assessment of its design of the internal control objectives and activities. The service offerings covered in the examination include the control environment, information technology, investor transactions, fund accounting, net asset value calculations, investor reporting, treasury and cash management services and financial statement preparation and reporting.
“The completion of this examination confirms Pinnacles commitment to providing the highest quality service to our clients and their investors,” says John Kelly, managing member of Pinnacle. “This is the first step in our ultimate goal of completing a SAS 70 Type II examination in which we will test the effectiveness of our internal control system for our administration services, in an effort to provide assurance that we have a comprehensive set of procedures and controls in place that are being rigorously followed and have been designed to maximize timeliness and quality of service to our clients, whilst at the same time minimizing the potential for error.”
The examination was performed by Rothstein Kass & Company, an accounting firm with a practice area dedicated to SAS 70 engagements. The examination report was issued in accordance with the American Institute of Certified Public Accountants Statement on Auditing Standards (“SAS”) No. 70, Service Organizations, as amended.