International Standard on Assurance Engagements (ISAE) No. 3402, Assurance Reports on Controls at a Service Organization, was issued in December 2009 by the International Auditing and Assurance Standards Board (IAASB), which is part of the International Federation of Accountants (IFAC). ISAE 3402 was developed to provide an international assurance standard for allowing public accountants to issue a report for use by user organizations and their auditors (user auditors) on the controls at a service organization that are likely to impact or be a part of the user organization’s system of internal control over financial reporting. This report is intended to provide Linnovate Partners’ clients with a general understanding of the procedures and internal controls related to the fund administration services. It is specific to the internal controls applicable to the operating environment at Linnovate Partners to the extent that such controls are deemed relevant to the clients own internal control structure. The scope of the report is focused on fund administration services for private equity funds and venture capital funds’ system. Linnovate Partners’ management and supervisory personnel monitor the internal controls and ensure controls are operated effectively as a routine part of their daily activities. We work closely with our clients to ensure that there is a clear understanding of what services and deliverables will be provided and establishes that understanding through various contractual agreements.
Leveraging the leading Cloud services provider – Microsoft Azure’s offering, based on Infrastructure as a Service (IaaS) ensuring highest security and privacy with our IT infrastructure.
The world’s leading fund administration solution – FrontInvest by eFront Implemented specific configuration on FrontInvest and other technology systems that developed in house delivering a comprehensive services to our clients. Smart Monitoring Platform (SMP) by Linnovate Partners, the solution is developed by Linnovate, using the latest HTML5 technology and web-services technology.
With increasing regulations and constant market changes, private equity firms are faced with the additional pressure from limited partners to implement and deliver better reporting and accounting practices, leaving firms to weigh the cost-benefit of outsourcing versus in-house Fund Administration. Benefits to outsourcing include, but are not limited to:
• Reduce and control operating costs
• Improve company focus to core capabilities
• Gain access to world-class capabilities
• Free internal resources for other purposes
• Compensate for a lack of internal resources
• Manage and control difficult or underperforming functions
• Make capital funds available
• Mitigating risks among a changing environment
• Infuse cash into the company