Sanne Group has recently obtained SAS 70 accreditation on key aspects of its fund administration business following an independent audit conducted by KPMG. Sanne are one of a small number of independent administrators worldwide to receive such accreditation.
Following an audit of key controls and processes within the funds business, specifically around the preparation of net asset values, Sanne received a service auditor's report with an unqualified opinion issued by KPMG.
Statement on Auditing Standards (SAS) No. 70 is the authoritative guidance that allows service organisations to provide a uniform report to customers detailing their control activities and processes. The issuance of a service auditor's report prepared in accordance with the SAS 70 procedures signifies that a service organisation has had its control objectives and control activities examined by an independent accounting and auditing firm. The service auditor's report is supplied to the audited company at the conclusion of a SAS 70 examination.
Simon Young, Managing Director at Sanne Group said “We are pleased to have obtained internationally recognised accreditation for key controls in place across our funds business and we would like to thank KPMG for conducting the recent review. At Sanne we are focused on implementing robust administration solutions and SAS 70 provides independent assurance that our service platforms offer customers the highest standards of governance and control.”
Andrew Quinn, an Executive Director at KPMG commented “We are happy to have helped guide Sanne through the SAS 70 process. The service auditor's report when supplied to the service organisation allows user organisations and their auditors to have access to the same information. This can help differentiate the service organisation from its peers by demonstrating the establishment of effectively designed control objectives and activities. A service auditor's report can also help a service organisation build trust with its customers.”