SAS 70 Certification
Recognized industry benchmark, independent controls audit, annual re-certification
GlobeOp committed to and achieved SAS 70 certification of its middle-, back-office and fund accounting services through an independent audit of its global network and processes by accounting and auditing firm Ernst & Young LLP.
SAS 70 Type ll certification was achieved in December 2007, one year after successfully completing the Type l audit and two years after undertaking the certification program. The July-August 2007 period of market turbulence and volatility ensured that our control processes were tested during a stressful time for the markets and our clients.
The audit scope defined by GlobeOp includes specific core IT and operational controls which clients find the most valuable. GlobeOp believes the scope of its audit is among the most extensive in its sector, and intends to expand the scope as it continues to develop its IT infrastructure, processes and controls.
SAS 70 Type ll – Tests and verifies the operating effectiveness of the controls included in the report.
SAS 70 Type l – Confirms the existence and comments on the design of operational controls used for middle- back-office and fund administration
SAS 70 is the authoritative guidance that allows a service organization to disclose its control activities – which generally include controls over information technology and related processes – to its customers and customers' auditors in a uniform reporting format.
It is a significant undertaking involving the commitment of considerable financial and human resources to ongoing annual audits. The SAS 70 certification process provides GlobeOp, its clients and their auditors with an independent assessment of the design and consistent operation of GlobeOp’s control environment. It can also provide GlobeOp clients with a competitive edge by supporting investor due diligence and a fund’s own operational risk management and corporate governance objectives.
As investors, funds and regulators intensify their focus on independent, transparent and robust operational and outsourcing procedures, SAS 70 is a recognized industry benchmark for demonstrating the design and operation of controls by service providers. The Statement on Auditing Standards (SAS) No. 70, Service Organizations, is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA).
For further information, contact CRM@globeop.com