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.