Gen ll Fund Services, LLC, a leading independent private equity fund administrator, today announced that it has received its 2010 Statement on Auditing Standards No. 70 (SAS 70) Type II Service Auditors’ Report from an internationally 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, our SAS 70 means that they will not have to spend time and money for their own auditors to evaluate Gen II’s processes and controls in order to satisfy their own financial reporting and control obligations.
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.