Wed, Mar 4, 2015
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. Outlook - Philippe Jordan predicts 'alternative beta' to displace hedge funds, Stan Druckenmiller says Europe, Japan stocks will outpace U.S.[more]

    Philippe Jordan predicts 'alternative beta' to displace hedge funds From Investordaily.com.au: The disappointing performance of hedge funds in recent years is a result of "too much money chasing too little alpha", argues Capital Fund Management. Speaking to InvestorDaily, CFM partner Phi

  2. Investing - Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched, Myriad hedge fund sold bulk of its Alibaba stake last year[more]

    Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched From Valuewalk.com: As hedge fund manager Seth Klarman, leader of the $28 billion Baupost Group, reviews 2014 performance and considers investors gained near 7 percent on the year, he cons

  3. Investing - As rig count falls, hedge funds pile into long crude futures, Parus tactically shifts long/short exposure ratios, Mario Draghi outflanking Kuroda as bearish euro bets surge, Prime Capital’s 500.com bet derailed after 41% drop[more]

    As rig count falls, hedge funds pile into long crude futures From 247wallst.com: In the week ended February 27, the total number of rigs drilling for oil in the United States came in at 986, compared with 1,019 in the prior week and 1,430 a year ago. Including 281 other rigs mostly drill

  4. Opalesque Exclusive: SEC’s Mark J. Flannery warns hedge funds against valuation misconduct[more]

    Komfie Manalo, Opalesque Asia: Securities and Exchange Commission chief economist and director of Division of Economic and Risk Analysis (DERA) Mark J. Flannery has warned of the risks posed by market misconduct, particularly in the true valuation of assets by hedge fund managers. In his

  5. Dymon Asia's $3bn macro hedge fund lost 10.45% in January[more]

    From Reuters.com: Dymon Asia's $3.1 billion macro hedge fund lost 10.45 percent in January, performance data seen by Reuters showed, a month where many peers lost heavily after a surprise rise in the Swiss franc. Singapore-based Dymon, set up by Danny Yong, a former founding partner and chie