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

Fund Focus: Asian Frontier Capital Offers U.S. Investors Access To Untapped Markets

Mar 2 2015 | 6:47am ET

Hong-Kong based asset manager Asian Frontier Capital is making a capital raising...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Risk Management: The Due Diligence Challenge And Branding Opportunity

Mar 2 2015 | 8:41am ET

The hedge fund firms that make it easier for prospective investors to gain comfort...

 

Editor's Note