Socium Fund Services Completes A Rigorous SOC 1, Type II Audit of Business Process and IT General Controls
Short Hills, NJ (December 17, 2019) — Socium Fund Services, a rapidly growing and industry-leading fund administrator focused on private equity, venture capital, real estate and private debt funds, announced today that they have successfully completed a rigorous SOC 1, Type II audit of their business processes and IT general controls.
“We have undergone an in-depth System and Organization Controls (SOC 1) audit to provide our clients and their financial statement auditors with confidence as to the design and effectiveness of the controls we have put in place to ensure the reliability of our Fund Administration process,” said Michael Von Bevern, CEO and co-founder of Socium. “We have received an unqualified (clean) opinion from WithumSmith+Brown, PC (Withum), a nationally recognized leader in SOC auditing. Our SOC 1, Type II audit report addressed 110 control activities in 18 key operational and IT general control areas. Withum performed over 120 individual audit tests without a single exception.”
This outstanding audit result is representative of Socium Fund Services’ continued commitment to exemplary client service and a desire to provide an institutional grade back-office for its emerging and established fund managers and their investors.
About Socium Fund Services
Socium partners with private equity, venture capital, real estate and private debt funds to provide fund administration solutions. By combining extensive industry expertise with advanced technology, Socium delivers highly customized services for clients. Socium helps firms achieve greater efficiency and compliance by creating a competitive advantage that supports fund performance. Partnership with Socium allows the fund manager to focus on their core competency of generating alpha. Learn how Inspired PartnershipTM can work for you. Visit us at www.sociumllc.com.
Michael Von Bevern
CEO and Co-Founder
Socium Fund Services