Conifer completes SOC 1 Type 2 review
27 February 2013 San Francisco
Image: Shutterstock
Fund administration provider, Conifer Fund Services, has completed a Service Organisation Controls (SOC) 1 Type II review.
SOC 1 (SSAE 16) is a reporting standard developed by the American Institute of Certified Public Accountants intended to meet the needs of the management of user entities and the user entities auditors, as they evaluate the effect of the controls at the service organisation on the user entities financial statement assertions.
The review dealt with the Conifer Fund Services divisions in the US and British Virgin Islands alongside an exception-free examination of Conifer’s control processes within its middle/back office and fund administration divisions.
Jack McDonald, CEO of Conifer, said: “We’re proud to see that our operational systems continue to achieve the highest standards as determined by annual expert examinations.”
“This result is further testament to Conifer’s commitment to exceeding industry best practices by investing in operations and technology that evolve well ahead of our peer group.”
Douglas Lang, managing director and global head of Conifer Fund Services, said: “This achievement underscores our success in developing robust products and services, including our cloud-based product offerings, that in turn provides hedge fund managers and investors great comfort in a volatile marketplace.”
SOC 1 (SSAE 16) is a reporting standard developed by the American Institute of Certified Public Accountants intended to meet the needs of the management of user entities and the user entities auditors, as they evaluate the effect of the controls at the service organisation on the user entities financial statement assertions.
The review dealt with the Conifer Fund Services divisions in the US and British Virgin Islands alongside an exception-free examination of Conifer’s control processes within its middle/back office and fund administration divisions.
Jack McDonald, CEO of Conifer, said: “We’re proud to see that our operational systems continue to achieve the highest standards as determined by annual expert examinations.”
“This result is further testament to Conifer’s commitment to exceeding industry best practices by investing in operations and technology that evolve well ahead of our peer group.”
Douglas Lang, managing director and global head of Conifer Fund Services, said: “This achievement underscores our success in developing robust products and services, including our cloud-based product offerings, that in turn provides hedge fund managers and investors great comfort in a volatile marketplace.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
