SAS 70 Type II is the authoritative guide to uniform standards of examination when assessing the internal controls of a service provider. A formal report is issued, including the auditor's opinion, at the conclusion of the examination. There are two types of Service Auditor Reports, Type I and Type II. A Type I report describes the service organization's controls in place of a specific point in time. A Type II report includes content of a Type I as well as detailed testing of operating effectiveness.
SS&C Direct assists investment managers in meeting investor expectations and enables managers to focus on their core skills by providing highly automated, real-time processing; web-based monitoring and reports; and ongoing benchmarking through SAS Type II audits and certification.
Included in the scope of the SAS 70 Type II Report is an examination of SS&C's internal controls that support its transaction processing, position reconciliation, cash receipts and disbursements, investment valuation, month-end process and new fund set-up procedures. The audit also reviews IT controls in relation to logical and physical security, data transmission, and system back-up and recovery processes.
The SAS 70 Type II report confirms that SS&C's operational controls meet the standards required. SS&C Direct ensure best processes and technology for asset managers, and we look forward to sharing the report and its results with clients on a confidential basis. For investment managers and their investors, the SAS 70 Type II certification recognizes that SS&C's processes and controls around our information technology environment are world-class.