AFA SSAE16 SOC I Compliance
Advanced Fund Administration (“AFA”) is pleased to announce it has successfully renewed its annual SOC I compliance for the annual period ended December 31, 2014 conducted by independent audit firm BDO.
BDO examined and tested AFA’s controls and procedures to obtain evidence about our effectiveness in meeting our control objectives for the annual period ended December 31, 2014. The independent examination consisted of an evaluation of the design and operating effectiveness of AFA’s controls related to month end NAV processes, investor relations processes and information technology. From a fund administration and investor services perspective, AFA controls included in the examination support trade processing, price verification, reconciliations of cash and positions, net asset value (NAV) production and investor services procedures. From an information technology perspective, the examination included controls related to logical and physical security, backup and recovery, change management and job scheduling.
In BDO’s opinion, AFA’s policies and procedures, as described, are suitably designed to provide reasonable assurance that the specified control objectives would be achieved if the described policies and procedures were compiled with satisfactorily and user organizations applied the controls contemplated in the design of AFA’s controls. Successful completion of the SOC I audit is critical as it provides clients and their auditors with the assurance that appropriate internal control objectives related to the services delivered were achieved and operating effectively during the review period.
The SOC I report is available to our clients and their auditors to be taken into consideration when making assessments of control risk. In BDO’s opinion, controls tested operated with sufficient effectiveness, providing reasonable assurance control objectives tested were achieved during the annual period ended December 31, 2014.
BDO’s examination was performed in accordance with standards established by the American Institute of Certified Public Accountants (AICPA) and included those procedures BDO considered necessary in the circumstances to obtain a reasonable basis for rendering an opinion. SOC I was developed by the AICPA for service providers who wish to demonstrate a high level of control effectiveness to clients and independent auditors, and has become one of the most widely recognized auditing standards for service companies.
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