Sat, Oct 1, 2016
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. Opalesque Exclusive: BlackRock taps Artivest for alternative investment platform partnership[more]

    Bailey McCann, Opalesque New York: BlackRock will be working with New York-based Artivest to provide a platform for broader distribution of BlackRock alternatives funds. Artivest is a technology-driven alternative investment platform that also offers brokerage services. BlackRock has approximatel

  2. Eden Rock buys Gottex stake in ERG Asset Management[more]

    Matthias Knab, Opalesque: Eden Rock Group announced the purchase of Gottex’s stake in ERG Asset Management and so the firm is now wholly owned by Eden Rock. The two firms established the joint venture in 2011 to focus on providing cost effective solutions to funds holding illiquid investments, as

  3. "Hedge fund industry needs to shrink"[more]

    Komfie Manalo, Opalesque Asia: Writing for CNBC, Josh Brown, creator of The Reformed Broker blog and financial advisor for Ritholtz We

  4. Strategy - Voyager Management wants to invest in smaller hedge funds[more]

    From Valuewalk.com: Voyager Management, a $475 million fund of funds, is looking to downsize the hedge fund’s in which they invest, looking for smaller funds with assets under management that enable the fund to be nimble. The fund is looking for noncorrelation and will consider long / short equity

  5. Asia - Quant hedge funds are China's hot new export, Europe banks return to Korean brokerage market; target debt, alternative products[more]

    Quant hedge funds are China's hot new export From Bloomberg.com: Add China’s quant shops to the list of hedge funds branching out across Asian markets. Quantitative money managers from the world’s second-largest economy are opening offshore funds at a never-before-seen pace, according to