Abacus Group Completes 10th Annual Type 2 SOC 1 Examination
by Abacus Group, on Jul 8, 2020
Completion of a Type 2 SOC 1 Examination Ensures Highest Level of Cloud Security and Reliability
NEW YORK, July 8, 2020 – Abacus Group, a leading provider of hosted IT solutions and services for alternative investment firms, today announced it has successfully completed the SSAE 18 Type 2 Service Organization Control (SOC) 1 examination for its Application Hosting and Managed Services. This marks Abacus’ 10th consecutive year of completing a SOC 1 examination, ensuring the highest level of security and internal controls.
By successfully completing this comprehensive examination, Abacus Group meets the Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) guidelines for funds to perform their due diligence. This standardization helps financial firms increase efficiencies in areas including fund operations and cybersecurity.
Abacus builds upon its commitment for security and control by completing annual examinations such as the Type 2 SOC 1, which is an independent service auditor’s examination of a service organization’s systems and the suitability of the design and operating effectiveness of controls. The most recent examination was conducted by Schellman & Company, LLC, an independent CPA firm, for the period between July 1, 2019 and June 30, 2020, and examined the following areas:
- Logical Security
- Network and Monitoring
- Data Backups
- Maintenance and Change Control
- Customer Provisioning
The SSAE 18 was implemented by the American Institute of Certified Public Accountants (AICPA), superseding the SSAE 16 and SAS 70 examinations, to facilitate the evaluation of the internal controls at a service organization that are likely to be relevant to financial audits. This examination offers assurance that Abacus employs robust control objectives across key functions that support its client offerings.