BNP Paribas has successfully completed a SAS 70 Type 2 examination of its US alternative fund administration, fund of hedge fund custody operations, and general computer controls.
The examination was conducted by an independent accounting firm.
The Type 2 report includes tests of operating effectiveness on a broad range of controls that cover from the setup of funds and investors through financial reporting.
Andrew Dougherty, head of US alternative and institutional solutions, says: “This report recognises the long-standing efforts to build the systems, processes and controls which we deliver to our clients every day.”
SAS 70 is the recognised auditing standard developed by the American Institute of Certified Public Accountants. A service auditor examination report in accordance with the SAS 70 standards represents an examination of an organisation’s description of controls, including their control objectives and control activities.
