Sun, Nov 29, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Abacus Group completes SAS 70 audit of its hedge fund application hosting and managed services

Thursday, July 14, 2011
Opalesque Industry Update – IT solutions firm Abacus Group has completed of its SAS 70 audit for its hedge fund application hosting and managed services.

SAS 70, or the Statement on Auditing Standard, is the standard set by the American Institute of Certified Public Accountants in auditing. It defines the professional standards used by a service auditor to assess the internal controls of a service organization.

According to Accounting Today, Statement on Standards for Attestation Engagements No. 16 (effective for service auditors’ reports for periods ending on or after June 15, 2011) supersedes the guidance for service auditors in SAS 70, and will be used to examine controls over services performed by a service organization that affect its customers’ internal control over financial reporting.

Abacus, which focuses in cloud network for hedge funds, said the audit was performed by a nationally recognized independent auditing firm, and was completed in April, 2011.

Chris Grandi, founder of Abacus Group said his company was the first private cloud network for hedge funds to complete a SAS 70 audit. As the environment for hedge funds comes more heavily scrutinized by both regulators and investors, fund managers can feel even more comfortable with the Abacus hosted solution as it is now recognized as having the highest level of security and redundancy.”

Cloud computing is becoming popular because it allows for a greater quantity of data storage. However, some consultants warn users should thoroughly check security levels beforehand.

The Abacus Group, based in New York and in San Francisco, helps hedge funds and private equity funds deploy and manage hosted IT solutions.
Komfie Manalo

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Other Voices: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  4. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega

  5. More institutional investors invest in CTAs compared to last year despite dissatisfaction with performance[more]

    Benedicte Gravrand, Opalesque Geneva: "Despite a strong start to 2015 for CTAs in Q1, commodity market conditions have made return generation difficult for fund managers over much of the rest of the year to date," says Preqin’s November