First Private Cloud Provider with Active Type 1 and Type2 Reports
New York, NY, June 6, 2012 - 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:
“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.”
About Abacus Group LLC
Abacus Group LLC is an IT solutions firm focused on helping hedge funds and private equity funds deploy and manage hosted IT solutions. Our objective is to provide investment managers and technology executives with solutions to improve their IT service experience. Abacus has developed a scalable, redundant and highly available IT platform to allow investment managers to run all of their technology as a service. The days of purchasing new hardware every few years are over. Abacus manages mirrored data centers throughout the US and provides cost effective and efficient solutions. Firms connect to their IT applications and data through high speed circuits with minimal onsite equipment.
For more information, please visit http://abacusgroupllc.com/.