Opus Fund Services Completes SSAE-16 Type II Audit
Bermuda – Opus Fund Services today announced the recent successful completion of its SSAE-16 (formerly known as SAS70) 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, 2012.
Robin Bedford, Opus CEO said “Opus continues to enhance our operating platform, and are committed to exceeding the highest industry and regulatory standards. Organizations that rely on Opus can rest assured that we continue to operate within a ‘Best Practices’ environment.”
The new service organization reporting standard, Statement on Standards for Attestation Engagements (SSAE) No. 16, effective as of June 15, 2011, supersedes Statement on Auditing Standards (SAS) No. 70. SSAE 16 is an attestation standard issued by the American Institute of Certified Public Accountants (AICPA) that reports on controls supporting the services provided to customers.
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.
About Opus Fund Services:
Opus Fund Services was established in 2006 and is a leading independent and privately owned full service fund administration company providing automated, integrated middle and back office administration services to hedge funds and asset management firms. In 2012 Opus was named Best Overall Administrator for Client Service at the HFMWeek Awards, and “Top Ranked” fund administrator by Global Custodian for an unprecedented third year in a row.
Opus Fund Services has offices in Bermuda, Chicago, Naperville and San Francisco. Opus Fund Services (Bermuda) Ltd. Is licensed by the Bermuda Monetary Authority under the Investment Funds Act 2006. For further information see http://www.opusfundservices.com or contact one of our offices.
Robin Bedford : email@example.com
Tel: (441) 234 0004
Stephen Giannone : firstname.lastname@example.org
Tel: (312) 281 5396
Greg Knapp : email@example.com
Tel: (415) 596 6435