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GlobeOp Successfully Completes SAS 70 Type II Examination for Second Consecutive Year

email this aricle - GlobeOp Successfully Completes SAS 70 Type II Examination for Second Consecutive Year - 4 December 2008 print this article - GlobeOp Successfully Completes SAS 70 Type II Examination for Second Consecutive Year - 4 December 2008
GlobeOp Financial Services ("GlobeOp®", LSE:GO.) today announced that, for the second consecutive year, it has successfully completed a SAS 70 Type II examination of specified middle-, back-office and fund administration controls by accounting and auditing firm Ernst & Young LLP.

In addition to controls specified in GlobeOp's initial SAS 70 Type II examination, the specific controls also include automated processes for select derivative product valuations, pricing functions, and automated functions for reconciliation between GlobeOp and third parties.

Operational procedures and controls included in the examination scope support new fund set-up, transaction processing, position reconciliation, cash receipts and disbursements, month-end process, investment valuation and investor relations. The examination also included controls related to logical and physical security, data transmission, change and problem management, and system back-up and recovery processes.

Statement on Auditing Standards No. 70 (SAS 70) was established by the American Institute of Certified Public Accountants. A SAS 70 report is intended for a service organisation's management, its user organisations and the independent auditors of the user organizations. It provides information and an independent assessment of a service organization's specified controls as they relate to processing of transactions in connection with audits of financial statements.

The independent examination evaluated the design of GlobeOp's specified controls as of September 30, 2008, and the operating effectiveness of the specified controls for the period from January 1, 2008 to September 30, 2008.

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