Valletta Fund Services has achieved its SAS 70 Type I and Type II Certifications following an audit by Pricewaterhousecoopers in Malta and Ireland.

SAS 70, or Statement on Auditing Standard, is an internationally recognised auditing standard developed and maintained by the American Institute of Certified Public Accountants and is awarded to service organisations which have implemented stringent internal controls.

High quality operations and internal control effectiveness are of paramount importance across all industries, especially those that deal with financial transactions and critical data. An SAS 70 Type I report would include the service auditor’s opinion on the fairness of the presentation of the service, the organisation’s description of controls that had been placed in operationm and the suitability of the design of the controls to achieve the specified control objectives.

The report also provides detailed information on the controls in place within the company.

The SAS 70 Type II report builds on that of the Type I and includes an assessment of the effectiveness of the controls over a period of time. The report can be used to provide evidence of the effectiveness in meeting stated objectives during the specified period.

Valletta Fund Services chief officer Kenneth Farrugia said that “in view of the nature of our business, we recognise the importance of having a robust operating and control environment to ensure that we consistently provide high quality fund administration services to our clients. Consequently, obtaining these certifications represent the culmination of a rigorous process involving a far-reaching review of all processes and procedures.”