Certification Demonstrates Internal Control Standards to Clients
Hamilton, Bermuda/June 01, 2006/: Fulcrum Limited, a leading global fund administrator for the alternative asset management industry, has obtained its SAS 70 Certification. The company successfully completed an in-depth independent review by accounting and auditing firm Ernst & Young of the controls related to its fund administration and shareholder services.
“As an essential service provider to the hedge fund and asset management sector, Fulcrum is pleased to have acquired a qualification that provides a comprehensive report of our internal controls,” said Gary J. Yannazzo, Chief Operating Officer of Fulcrum U.S. “It is crucial with our global client base and our worldwide operations to demonstrate adequate controls and safeguards when we host or process data belonging to our fund clients,” he said.
The Statement of Auditing Standards No. 70 (SAS 70) is promulgated by the American Institute of Certified Public Accountants (AICPA). The SAS 70 is an independent review of internal controls following prescribed guidelines and is performed by an accounting and auditing firm.
“SAS 70 as an industry standard in the investment management sector is becoming more common,” said George Holland, Director Technology and Security Risk Services for Ernst & Young in Bermuda. “We were pleased to have worked with Fulcrum,” he said.
Fulcrum underwent a Type 1 SAS 70 examination, which includes the auditor’s opinion on the fairness of the description of controls and the suitability of the design of controls to achieve the specified control objectives. The scope of Ernst & Young’s examination extended to Bermuda (Fulcrum Limited) and Canada (Fulcrum Fund Administration Limited).
“SAS 70s are recognized as a valuable verification for auditors and customers when performing their own due diligence and audit procedures and have become a necessity in an increasing regulatory environment,” said Christopher Gehan, Director Risk and Organizational Development, Fulcrum Fund Administration Ltd.