dbSelect platform receives ISAE 3000 assurance
01 November 2010 London
Deutsche Bank has received independent assurance under the International Standard on Assurance Engagements (ISAE) 3000 on its London-based dbSelect platform, Deutsche Bank's platform for accessing liquid hedge fund strategies.
The ISAE 3000 assurance provides an independent assessment of management's assertion for the design effectiveness of Deutsche Bank's internal processes and controls on the dbSelect platform.
The assurance was provided by PricewaterhouseCoopers (PwC) and the scope of the assurance, performed in accordance with ISAE 3000, also incorporated elements of Deutsche Bank's Number 1 ranked foreign exchange business and highly regarded listed derivatives business.
Developed by the International Auditing and Assurance Standards Board, the ISAE 3000 is one of the most widely recognised standards used by accounting firms to independently assess management's assertions about performance and controls.
This ISAE 3000 assessment confirms that dbSelect has designed and implemented effective internal controls in order to ensure the transparency and accuracy of the Deutsche Bank dbSelect Client Index return calculation, which is Deutsche Bank's calculation of the client's investment. This verifies to investors and managers that a high degree of operational control is in place and gives investors confidence in the quality of Deutsche Bank's operational infrastructure.
Deutsche Bank's Global Head of Foreign Exchange, Zar Amrolia said: "We are proud to be demonstrating the effectiveness and transparency of our control environment through the completion of the ISAE 3000 assurance. Investor and manager feedback has been extremely positive at a time when investors are requiring increased due diligence when investing in hedge fund strategies."
Deutsche Bank's head of dbSelect Platform Hans Jacob Feder said: "The independent assurance underscores the market-leading nature of the dbSelect platform, simplifying the due diligence process and enhancing the confidence of market participants in our offering."
The ISAE 3000 assurance provides an independent assessment of management's assertion for the design effectiveness of Deutsche Bank's internal processes and controls on the dbSelect platform.
The assurance was provided by PricewaterhouseCoopers (PwC) and the scope of the assurance, performed in accordance with ISAE 3000, also incorporated elements of Deutsche Bank's Number 1 ranked foreign exchange business and highly regarded listed derivatives business.
Developed by the International Auditing and Assurance Standards Board, the ISAE 3000 is one of the most widely recognised standards used by accounting firms to independently assess management's assertions about performance and controls.
This ISAE 3000 assessment confirms that dbSelect has designed and implemented effective internal controls in order to ensure the transparency and accuracy of the Deutsche Bank dbSelect Client Index return calculation, which is Deutsche Bank's calculation of the client's investment. This verifies to investors and managers that a high degree of operational control is in place and gives investors confidence in the quality of Deutsche Bank's operational infrastructure.
Deutsche Bank's Global Head of Foreign Exchange, Zar Amrolia said: "We are proud to be demonstrating the effectiveness and transparency of our control environment through the completion of the ISAE 3000 assurance. Investor and manager feedback has been extremely positive at a time when investors are requiring increased due diligence when investing in hedge fund strategies."
Deutsche Bank's head of dbSelect Platform Hans Jacob Feder said: "The independent assurance underscores the market-leading nature of the dbSelect platform, simplifying the due diligence process and enhancing the confidence of market participants in our offering."
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