Abacus Group Completes Type 2 SSAE 16 Examination

New York - 6 June 2012

First Private Cloud Provider with Active Type 1 and Type2 Reports

Abacus Group LLC, a leading provider of hosted IT solutions for hedge funds and private equity funds, today announced it has successfully completed the Type 2 Statement on Standards for Attestation Engagements (SSAE 16) examination for its hedge fund application hosting and managed services. Following its successful SAS70 Type 1 examination in April 2011, Abacus is the first private cloud provider for hedge funds to actively hold both examination types as part of its ongoing commitment to providing clients with the highest levels of security and reliability.

SSAE 16, Reporting on Controls at a Service Organization” (previously known as SAS 70), is a standard set by the American Institute of Certified Public Accountants. Superseding the SAS 70 examination, SSAE 16 focuses on controls at a service organization that are likely to be relevant to financial audits or Sarbanes-Oxley compliance. The Type 2 SSAE 16 exam provides an independent third party auditor opinion that a service provider’s policies and procedures for financial reporting were correctly designed, clearly identified risks that could threaten the achievement of the control objectives, and operated successfully to achieve those specified objectives throughout the examination period.

Type 2 SSAE 16 reports are considered the new standard for private cloud service providers offering hedge fund application hosting and managed services. Abacus’s examination was performed by a recognized independent auditing firm, and conducted between Nov. 1, 2011 and April 30, 2012. As part of the examination, Abacus developed control objectives for critical internal functions that support its key offerings, including:

  • Control Environment
  • Provisioning
  • Data Backups
  • Logical Security
  • Change Control
  • Network Security

“Hedge funds today face mounting pressure from regulators and investors demanding a new level of transparency into internal controls and reporting,” said Chris Grandi, CEO, Abacus Group. “As more hedge funds move their critical technology operations into the cloud, it’s imperative that they partner with trusted providers that can verify the security, availability and redundancy of their hosted solutions. Abacus is committed to performing the SSAE 16 examination annually to assure our clients they have the most resilient, secure solution available to meet their evolving business needs.”

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development