Hedge Fund Administrator Completes SAS 70 Examination

Sep 17 2009 | 2:01am ET

Hedge fund administration firm Columbus Avenue Consulting has successfully completed a SAS 70 examination of specified middle-office, back-office and fund administration controls by accounting and audit firm RothsteinKass.

The examination covered internal controls, automated processes, pricing and valuation, and automated reconciliation between Columbus Avenue Consulting and third parties.

RothsteinKass specifically looked at procedures and controls involving new client set up, subscription/redemption processing, transaction processing and position reconciliation, cash movements, month-end processes, and client reporting. The scope of the examination also included information technology systems policy and procedure, data transmission, and disaster recovery controls.

The examination was prepared by taking into consideration the AICPA Statement on Auditing Standards (SAS) No.70, which defines the professional standards used by a service auditor to assess the internal controls of a service organization.
 
Columbus Avenue Consulting was founded in 2004 and currently serves over 60 hedge fund, fund of funds, and separately managed account clients in North America representing over $5 billion in assets under administration. The firm has offices in New York, Dallas, and Toronto.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...