Exceptional operations and stringent internal controls are of paramount importance to PartnersAdmin, LLC (“PartnersAdmin”). As a premier provider of scalable, full service hedge fund and private equity accounting and administration services, PartnersAdmin has completed the both the Statement of Auditing Standards No. 70 (“SAS 70”) Type I audit, and the SSAE 16 Type II audit. The SAS 70 type I report was issued on March 21, 2011 and the SSAE 16 Type II was issued on December 14, 2012, both by independent auditor, Acquavella , Chiarelli, Shuster, Berkower & Co., LLP.
About SAS 70 & SSAE 16
The Statement of Auditing Standards No. 70 is established by the American Institute of Certified Public Accountants, Inc. (AICPA) and is the industry wide accepted standard for the framework of a quality service organization. SSAE 16 is an enhancement to the current standard for Reporting on Controls at a Service Organization, the SAS70. The changes made to the standard bring companies in the U.S. up to date with the new international service organization reporting standards.
Type I Report – Expresses an opinion the suitability and practicality of a service organizations controls and processes placed in operation as of a certain date. Type II Report – Tests the operating controls and processes placed in operation, reports on the operating effectiveness of said controls and processes.