Gen ll Fund Services, LLC, a leading independent private equity fund administrator, today announced that it has received the Statement on Auditing Standards No. 70 (SAS 70) Type II Service Auditors' Report from a nationally recognized accounting firm. Undergoing the audit helps ensure that GEN ll delivers its private equity services and maintains its control environment in accordance with standards established by the American Institute of Certified Public Accountants (AICPA).
GEN ll’s services and control environment are developed and delivered in adherence with established best practices. For our clients and their investors, it means they will not have to spend time and money for their own auditors to evaluate a Gen II Fund client’s processes and control in order to satisfy financial reporting and control obligations under the Sarbanes-Oxley Act.
SAS 70 is a widely recognized, third-party review standard developed by the American Institute of Certified Public Accountants to allow service providers to report on their control activities and processes to customers and customers' auditors. A formal report including the audit firm's assessment is issued to the service provider at the conclusion of the SAS 70 review. GEN ll intends to renew its SAS 70 certification annually.