GlobeOp Financial Services has completed a Type ll independent examination of its middle, back office and fund administration controls and Transaction Solutions, according to new international standards replacing Statement on Auditing Standards No.70 (SAS 70).
The Big Four auditing firm examination included all ten GlobeOp offices on three continents and evaluated the design and operating effectiveness of specified GlobeOp controls for the full year from 1 October 2009 to 30 September 2010.
The two new standards replacing SAS 70 are the International Standard on Assurance Engagements (ISAE) 3402 “Assurance reports on controls at a service organisation”, and the Statement on Standards for Attestation Engagements (SSAE) No.16, “Reporting on controls at a service organization”. The new standards become mandatory for service organisations in 2011.
“Robust process controls underpin our ‘remarkable service’ commitment to our clients and provide due diligence reassurance to investors,” says Vernon Barback, GlobeOp president and chief operating officer. “We believe we are among the first administrators successfully examined under the new standards. As a global service provider, we adopted the new international standards as an improvement over country-specific examination and reporting options. The new standards offer clients and investors greater transparency into the accountability we take for our process controls environment and culture.”