Gen II Fund Services passes independent examination
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Gen II Fund Services passes independent examination 30 January 2019New York Reporter: Jenna Lomax
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Gen II Fund Services has completed an independent examination of its administrative, accounting and reporting services.
The independent examination was carried out by System and Organization Controls (SOC), in accordance with Statement on Standards for Attestation Engagements No. 18 and issued by the American Institute of Certified Public Accountants (SSAE 18).
The examination marks the tenth consecutive year that Gen II has achieved an unqualified report on its control environment.
This means Gen II's service and control environment are developed and delivered in adherence with established industry best practices.
For Gen II's clients, the SSAE 18 report provides evidence that Gen II has adequately described its controls and, that its controls were suitably designed and operating effectively to achieve their specified objectives.
SOC examined the design and effectiveness of Gen II's specified controls from 1 December 2017 to 30 November 2018.
Steven Alecia, Gen II's chief client officer, commented: "Gen II's SSAE 18 is a vital qualification for our clients and their investors. Investors in our clients' funds rely upon our annual SSAE 18 examination to satisfy their operational due diligence assessments.”
He added: “The SSAE 18 validates that our dedicated service team model, internal quality control department, and most experienced team in the industry enable us to continually raise the bar for best-in-class private equity fund administration."
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