NEW YORK- Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced the successful completion of an independent examination of its Administrative, Accounting and Reporting Services.
The independent examination – Service Organization Control Type 2 (SOC 1) in accordance with Statement on Standards for Attestation Engagements No. 16 issued by the AICPA (SSAE 16, formerly SAS 70) – marks the seventh consecutive year that Gen II has achieved an unqualified report on its control environment. A major international accounting firm examined the design and effectiveness of Gen II’s specified controls for the period December 1, 2014 to November 30, 2015.
Gen II has committed to annual certification of its control environment as a core element of its differentiated service model. "The SSAE-16, combined with our dedicated service team approach, internal Quality Control department, SEC Cybersecurity compliance, unmatched performance, and the most experienced team in the private equity fund administration industry are all important differentiators for our clients and their investors," said Gen II Chief Client Officer Steven Alecia. "Each of these items is a vital part of our service offering and Firm infrastructure. We know these attributes are required by all investors, fund managers and regulators as the focus intensifies on independent, transparent and quality operational procedures."
Gen II’s service and control environment is developed and delivered in adherence with established industry best practices. For Gen II’s clients, the SOC 1 report provides them with confidence that Gen II has adequately described, in all material respects, its controls and, that its controls were suitably designed and operating effectively to achieve their specified objectives.