Fortis Prime Fund Solutions businesses obtain SAS 70 certification
Fortis Prime Fund Solutions has obtained an SAS 70 Type II statement for its entities in the Americas in Curacao, the Cayman Islands and New York, and has also achieved an SAS 70 Type I statement for its operational entities in Dublin, Galway and Isle of Man in Europe and Hong Kong and Singapore in Asia.
SAS 70 Type I and II statements regarding market data solutions, investment accounting and fund accounting reflect the company's high quality operations and internal controls and its continuous focus on achieving operational excellence, Fortis says.
'In the current market environment, Fortis Prime Fund Solutions can assists fund managers to take away the operational and administrative burden as much as possible, enabling them to focus on the core investment activities,' says chief executive Erik Jens.
'We trust our SAS 70 Type I and II statements underscore our commitment to deliver top class service to our clients and their investors globally. The SAS statements also reflect the success of our strategy to implement a single global service platform with local accessibility.'
SAS 70 (Statement on Auditing Standards No. 70) certification is granted following an audit of a services business such as a fund administration company that reviews its entire internal control framework and evaluates its internal control process.
SAS 70 reports are drawn up by an independent auditor in line with a standard developed by the American Institute of Certified Public Accountants and consist of Type I reports, which describe the activities of a company and determine whether the controls in place are suitable and in operation at a certain date, and Type II reports, which assesses the operating effectiveness of these controls.
'We are especially proud that our SAS 70 Type I and II independent auditors' reports do not show any exceptions,' Jens says. 'This will give our clients the confidence that Fortis Prime Fund Solutions is reliable concerning internal controls and ready to service any clients that have to be Sarbanes Oxley-compliant. They show all other stakeholders that our internal controls are up to and even above market standard.'
Fortis Prime Fund Solutions has been part of Fortis Bank Nederland since the break-up and partial nationalisation of the international Fortis group, and is active in more than 20 countries.