Hedge fund administrator Custom House Global Fund Services has achieved dual accreditation under both the new US auditing standard, SSAE16 (the replacement for SAS 70), and its international equivalent, ISAE3402 (collectively the ‘New Standards’).
The new accreditation covers the controls for all fund administration and shareholder services’ work carried out in the Chicago, Dublin, Luxembourg, Malta and Singapore offices, as well as the controls in place in the related IT platform. This means that all user auditors, as well as existing and new clients, are assured that the Group’s relevant control environment has been subjected to an extensive and independent review by Ernst & Young, one of the world’s leading accounting and audit firms.
“The New Standards impose even greater obligations on the management of the Group than the old SAS70 regime and extending the reach of the New Standards across the whole Group during the single year in which they were introduced took a lot of planning", says Dermot Mockler who was responsible for managing the project. "Whilst individual offices within the Custom House Group have previously achieved accreditation under the old SAS70 regime, this is the first time they have been applied uniformly across all operational offices within the Group, a development that reflects the increasingly complex and global nature of Custom House Group’s client base. Independent testing by Ernst & Young has shown the control environment now in place to be robust, transparent, consistent throughout the Group, and of ultimate operational standards."
