Thu, Jul 24, 2014
A A A
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. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters[more]

    Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

  3. Investing – Hedge funds expect Netflix earnings to catapult forward, Third Point's Loeb takes stakes in Fibra Uno, YPF, Royal DSM, Lake Capital in talks to back Engine Group[more]

    Hedge funds expect Netflix earnings to catapult forward From Investing.com: Netflix has made major strides forward in 2014 despite ongoing battles with the FCC and cable companies over the issue of net neutrality. The FCC has now received over 500,000 comments from the public on its pend

  4. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  5. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag