ISIS Fund Services Completes SOC 1
Bermuda’s ISIS Fund Services has completed an independent Service Organisation Controls Report 1 [SOC 1] examination of its fund administration controls.
The SOC 1 review was completed by a Big Four accounting firm in compliance with Statement on Standards for Attestation Engagements 16 and International Standard on Assurance Engagements 3402.
The SOC 1 report covers the period from November 1, 2010 through October 31, 2011 and consisted of an evaluation of the description of controls together with extensive testing related to fund accounting — which includes new fund set up, transaction processing, cash and position reconciliations, valuations, cash receipts and disbursements, NAV calculations, performance and management fee processing and financial statement reporting — investor services and information technology includings logical and physical access security, change control management, and system back-up and recovery processes.
“ISIS is committed to providing superior fund administration services to clients, both current and future, and has demonstrated this through its commitment to ensuring that its operational controls and procedures are of the highest standard. There is an increased demand amongst our clients and their investors for a SOC 1 type certification, and as such we are delighted to achieve this significant milestone,” said Brian Desmond, COO of ISIS Fund Services.
ISIS is a specialist fund administrator providing administrative and operational support to a wide range of global investment managers adopting a diverse range of investment styles.
The firm specialises in hedge fund, fund of hedge funds, and private equity funds providing the global investment management industry with a comprehensive range of hedge fund services.
The company was established as a joint venture with the ISIS Group which was founded to support The ISIS Foundation. ISIS has offices in Bermuda and the US.
