NEW YORK, Jan. 13, 2011 /PRNewswire/ -- HedgeServ has successfully completed the Statement on Auditing Standards Number 70 (SAS 70) Type II examination of its middle, back office and fund administration controls. A Big Four auditing firm conducted the independent examination.
The SAS 70 Type II certification is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA) to define the professional standards used by a service auditor to assess and report on the internal controls of a service organization. SAS 70 Type II certification verifies that HedgeServ's controls are operating effectively.
"We are committed to best practices in maintaining a robust and comprehensive control environment. Our unique transparent technology platform enables our clients to view our controls and to determine that they are working effectively," said Justin Nader, President of HedgeServ.
HedgeServ will continue to certify annually and will re-certify in 2011 under the two new standards replacing SAS 70, the International Standard on Assurance Engagements (ISAE) 3402 "Assurance reports on controls at a service organization", and the Statement on Standards for Attestation Engagements (SSAE) No.16, "Reporting on controls at a service organization".
HedgeServ has $70 billion of assets under administration.
About HedgeServ
HedgeServ is redefining hedge fund administration with excellence in service and a transparent technology platform that breaks the cycle of costly data duplication while strengthening controls and giving clients real-time access to their data. HedgeServ client service teams are the most experienced in the industry at consistently delivering timely and accurate information to both hedge fund managers and investors. HedgeServ supports all structures, strategies and domiciles of hedge funds, funds of hedge funds, managed accounts, private equity funds and endowment investment platforms from offices in Dublin, Grand Cayman and New York City.
HedgeServ was awarded the #1 highest overall average score in the 2010 Global Custodian Hedge Fund Administration Survey, receiving perfect scores in hedge fund administration, fund of hedge funds administration, client service, and investor services. For more information, visit HedgeServ's website at www.hedgeserv.com
Media Contact: Chenoa Taitt, 1-212-223-0682
SOURCE HedgeServ
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