Apex completes Type 2 examination
12 March 2012 London
Image: Shutterstock
Apex Fund Services has successfully completed a Type 2 examination under Statement on Standards for Attestation Engagements No. 16 (SSAE 16), and under the International Standard on Assurance Engagements, Assurance Reports on Controls at a Service Organization (ISAE 3402).
A key determination for completing an ISAE 3402 / SSAE 16 examination is that an independent service auditor successfully examined the system under audit for processing user entities transactions during the period of audit, as well as the suitability of the design and operating effectiveness of controls based on the defined control objectives.
This examination was performed by KPMG in India, one of the leading firms of independent service auditors for such examinations for 10 offices of Apex Fund Services.
Commenting on KPMG’s report, Peter Hughes, group managing director, added “Fund Managers require increasing levels of confidence and trust in their administrators as the demand for greater transparency begins to take effect. The need for Managers to work with the most reliable partner possible has never been higher.
“Investors and Fund Managers alike can take comfort from the fact that KPMG has completed a ‘root and branch’ examination of the controls and systems at 10 of Apex’s offices. This is another clear demonstration of Apex’s commitment to its clients ensuring they receive the best levels of service in the industry.”
The service auditors issue an unqualified opinion when they are satisfied that (i) the description of controls fairly presents the system that was designed and implemented through the period in scope, (ii) the controls related to the control objectives are suitably designed to provide reasonable assurance that the control objectives would be achieved if the controls operated effectively throughout the period in scope, and (iii) the controls tested, if operating effectively, were those necessary to provide reasonable assurance that the control objectives operated effectively throughout the period in scope.
A key determination for completing an ISAE 3402 / SSAE 16 examination is that an independent service auditor successfully examined the system under audit for processing user entities transactions during the period of audit, as well as the suitability of the design and operating effectiveness of controls based on the defined control objectives.
This examination was performed by KPMG in India, one of the leading firms of independent service auditors for such examinations for 10 offices of Apex Fund Services.
Commenting on KPMG’s report, Peter Hughes, group managing director, added “Fund Managers require increasing levels of confidence and trust in their administrators as the demand for greater transparency begins to take effect. The need for Managers to work with the most reliable partner possible has never been higher.
“Investors and Fund Managers alike can take comfort from the fact that KPMG has completed a ‘root and branch’ examination of the controls and systems at 10 of Apex’s offices. This is another clear demonstration of Apex’s commitment to its clients ensuring they receive the best levels of service in the industry.”
The service auditors issue an unqualified opinion when they are satisfied that (i) the description of controls fairly presents the system that was designed and implemented through the period in scope, (ii) the controls related to the control objectives are suitably designed to provide reasonable assurance that the control objectives would be achieved if the controls operated effectively throughout the period in scope, and (iii) the controls tested, if operating effectively, were those necessary to provide reasonable assurance that the control objectives operated effectively throughout the period in scope.
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