London, United Kingdom (PressExposure) September 29, 2011 -- StatPro Inc., a leading provider of portfolio analytics and financial data solutions for the global asset management industry, announced that its North American operations successfully completed a SSAE 16 Type II audit for its hosted analytics platform and market data services in its third party colocation facility.
SSAE 16 is the acronym for the American Institute of Certified Public Accountants (AICPA) Statement on Standards for Attestation Engagements (SSAE) No. 16. SSAE 16 defines the professional standards used by a service auditor to assess the effectiveness of internal controls of a service organization and their consistent operation over a period of time. SSAE 16 is the new standard that supersedes the previous SAS 70 standard.
Completed in July 2011, StatPro's SSAE 16 Type II audit covered the period January 1st, 2011 to June 30th, 2011. The audit was performed by PricewaterhouseCoopers and provides StatPro's clients and their auditors with a level of assurance regarding the control environment, risk assessment activities including liquidity risk [http://www.statpro.com/resources/whitepapers/liquidity_risk.aspx], control activities, information and communication systems, and monitoring activities that StatPro maintains in its technology production environment. Included in the scope of the audit were StatPro North America's information technology general controls, including logical security, change management, backup and recovery, and the processing and scheduling that support these services.
Andrew Peddar, CEO North America commented: "StatPro is committed to providing the asset management industry with a best-in-class technology platform for portfolio analysis, asset valuation, reporting, and research. Successfully completing the SSAE 16 Type II audit provides increased assurance and confidence to our clients in the security of our hosted portfolio management system and market data services. It also demonstrates our dedication to the security of our technology infrastructure and clients' data."
About the SSAE 16, Type II Attestation:
June 15, 2011 was the date that the SSAE 16 officially replaced the now obsolete SAS 70. The key differences between SAS 70 and SSAE 16, Type II are that the SSAE 16 aligns the United States service organization reporting standards with the International Standard for Engagement, ISAE 3402. There is also the addition of a management assertion section within the audit report regarding design and operating effectiveness. Additionally, the SSAE 16 Type II requires tracking changes to controls, documentation on what changes are made and who approves them.
The SSAE 16 has two varieties: Type I or Type II. Type II, which StatPro has achieved, is more comprehensive as it verifies that for at least a six month time frame, the hosted analytics platform and market data services capably operate with both internal control design proficiency and operational effectiveness. Type I only measures for a point in time and does not audit operational effectiveness.