Gen II Luxembourg Services (Gen II), a wholly-owned subsidiary of private equity fund administrator Gen II Fund Services, has completed the firm’s International Standard on Assurance Engagements (ISAE) 3402 Type I Report in the areas of fund accounting, transfer agency, and depositary services.
The ISAE 3402 is an internationally recognised auditing standard issued by the International Auditing and Assurance Standards Board (IAASB). A service organisation’s auditor’s examination, in accordance with the standard, represents an in-depth audit of a service organisation’s control objectives and activities. These activities often include controls over information technology and related processes.
A leading international accounting firm conducted an independent audit to examine the design and effectiveness of Gen II’s controls. The ISAE 3042 Type I report demonstrates to Gen II clients and the private equity community the quality of back-office controls at Gen II and that the firm has adequately described its internal controls and processes that are in place to achieve client objectives.
