Spectrum Global Fund Administration, a provider of middle and back office solutions to hedge funds and managed accounts, obtained its third consecutive unqualified SAS 70 Type II Independent Service Auditor’s report in 2009.
David Young, Spectrum’s president, says: “This report is verification of independent review and rigorous testing of Spectrum’s internal control environment covering both its fund administration services and its proprietary technology platform, Virtual Back Office.”
Spectrum’s VBO platform has received industry-wide recognition for providing transparency to investors and streamlining reporting capabilities for fund managers.
“There is an increased demand, as there should be, for a SAS 70 Type II amongst our clients and their institutional investors,” says Young. “This report will ensure that our clients and their auditors save time and money as Spectrum continues to provide administrative services of the highest quality.”
The SAS 70 II report includes tests of operating effectiveness on a broad range of internal controls including transaction and reconciliation, pricing and reporting, financial reporting, implementation, investor services, logical data access, physical data access, IT change management, data back-up and system monitoring.
The SAS 70 is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants.
Spectrum’s VBO platform, which was included in the SAS 70 II report, fully integrates daily portfolio, operations, general ledger accounting, financial reporting, investor allocations and investor registry information into a single database. VBO provides portfolio and investor level options for daily or monthly transparency reporting, daily estimated NAV’s and daily estimated rates of return.
