12.12.2010

Opus Fund Services Completes SAS 70 Type II

Chicago, IL – Opus Fund Services today announced the successful completion of its SAS 70 Type II examination, by a leading auditing firm. The independent examination, which yielded no exceptions, evaluated the design of the Opus control environment, and if these controls had been operating effectively for the year ended October 31, 2010.

Robin Bedford, Opus CEO said ”the successful completion of the SAS70 Type II certification shows our commitment to providing operational best practice to our fund clients and their investors through disciplined execution of our service offering.”

“The decision making process when identifying service providers has never been more important. A SAS70 Type II compliant process is now an essential requirement by investors to do business.” said Stephen Giannone, Opus’ President.

The report includes testing on a broad range of internal controls including implementation; account management; security master setup and maintenance; trade capture; price master valuation and price verification; gains and losses recognition and capture; corporate actions processing; income and expense recognition and capture; cash management; net asset value reporting; subscription, redemption and transfer activity; and investor standing data maintenance. From an information technology perspective, the examination included controls related to change management; information security; and back-up and recovery.

The report includes testing on a broad range of internal controls including implementation; account management; security master setup and maintenance; trade capture; price master valuation and price verification; gains and losses recognition and capture; corporate actions processing; income and expense recognition and capture; cash management; net asset value reporting; subscription, redemption and transfer activity; and investor standing data maintenance. From an information technology perspective, the examination included controls related to change management; information security; and back-up and recovery.

Statement on Auditing Standards No. 70 (SAS 70) was established by the American Institute of Certified Public Accountants. A SAS 70 report is intended for a service organization’s management, its user organizations and the independent auditors of the user organizations. It provides information about, and an independent assessment of, a service organization’s specified controls as they relate to the processing of transactions in connection with audits of financial statements.