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SGSS obtains Isae 3402 type II certification

SGSS has obtained ISAE 3402 Type II certification for its internal control procedures.

Societe Generale Securities Services has obtained ISAE 3402 Type II certification for its internal control procedures. The internationally recognised ISAE 3402* standard, which relates to the internal control procedures of service providers, was published by the IAASB (International Auditing and Assurance Standards Board) in December 2009 and replacing the SAS 70** standard from 15 June 2011. SGSS, which already complied with SAS 70, has adapted its procedures in order to meet the international requirements of the ISAE 3402 standard.

The compliance and efficiency of SGSS' internal control procedures have been verified by two independent external bodies in four of its different geographical entities:

  • by the audit and consulting firm Deloitte, for the custody, depository and trustee activities, and the fund administration services of SGSS in France and Luxembourg as well as its subsidiary, European Fund Services, Luxembourg ***.
  • by the auditors Ernst & Young, covering the SGSS subsidiaries in Germany (SGSS KAG), for its fund administration and transaction processing systems****, and in Italy, for its custody, depository and trustee activities, as well as for fund administration and transfer agent services.

This certification underlines SGSS' intention to regularly optimise its control procedures.

* ISAE 3402 (International Standard on Assurance Engagements 3402) is an international standard published by the IAASB (International Auditing and Assurance Standards Board), applicable from June 2011, involving the commitment of the certified entity's management.

** SAS 70 (Statement on Auditing Standards n°70) is an auditing standard laid down by the AICPA (American Institute of Certified Public Accountants). Its aim is to draw up reports on the internal control procedures of a service provider for its users or auditors.

*** European Fund Services Luxembourg S.A.: Report on the internal control procedures drawn up in reference to ISAE 3402 Type II over the period from 1 December 2010 to 30 November 2011.

**** SGSS KAG: Report on the internal control procedures drawn up in reference to ISAE 3402 Type II over the period from 1 September 2010 to 31 August 2011.