Beacon Fund Services (Bermuda) Ltd. is pleased to announce the completion of its SSAE 16, Level II independent review of internal controls, which highlight the company’s operational strength in its role of being an exceptional service provider.
Nitin Aggarwal, the owner of Beacon says that “Now more than ever those in the hedge fund industry are looking for service providers who have robust internal controls and who observe the very best practices in the industry”.
The SSAE 16 report included an examination and testing of Beacon’s (i) fund accounting processing controls, such as account setup, subscriptions and redemptions and NAV calculations, and (ii) their general computer controls such as the controls around physical and logical access.
Statements on Standards for Attestation Engagement No. 16 (SSAE 16) was formally issued in June 2010 and became effective on June 15, 2011. SSAE 16 is the authoritative statement for reporting on the controls of a service provider. This independent examination of Beacon’s controls was carried out by WeiserMazars LLP for the period from January 1, 2013 to December 31, 2013.
“Multinational companies look to experts and jurisdictions to provide unique and tailored services which in turn, supply a solution to their operational needs and transfer pricing structures. More often these companies look to offshore locations that have the ability to present a key that opens up the opportunity, and deliver the professionals that make it happen,” — Beacon Fund Services (Bermuda) Ltd.
Founded in 1995, Beacon Management Limited and Beacon Fund Services (Bermuda) Ltd (collectively known as ‘Beacon’) are an independent, owner-managed group of companies, which offer comprehensive management, consulting, administration, accounting and other related services to a large number of hedge funds, both domestically and internationally. Their offices are located in 3 locations – Bermuda, Cayman and Malta.