NEW YORK — SEPTEMBER 19, 2023: Petra Funds Group ("Petra"), a leading independent private funds administrator, is pleased to announce the successful attainment of the company's System and Organization Controls (SOC1), Type II Compliance Report.
Conducted by a prominent accounting firm, an impartial examination was carried out to audit the operational efficiency of Petra's operational controls environment for the period ending June 30, 2023. The report affirms the robustness of Petra's back-office controls, a testament that carries significance for both clients, their investors, and the broader private equity sector.
The SOC 1 Type II compliance framework, based on the SSAE 18 guidelines, assesses and documents the level of controls within a service organization. Through the SOC 1 Type II audit, the accuracy of the service organization’s system description, along with the effectiveness of its controls' design and operation, is rigorously evaluated.
Peter Haskopoulos, Co-Founder and Managing Partner of Petra Funds Group emphasized, "Our unwavering commitment to quality, demonstrated through adherence to reporting standards, internal policies, and governing protocols, has been a cornerstone since our inception. The unqualified SSAE 18 attestation holds immense importance for our clients, limited partners, and our operations."
Stephen Coats, Co-Founder and Managing Partner of Petra Funds Group echoed these sentiments, stating, "This report is a manifestation of our core principles and is a culmination of the relentless dedication exhibited by our team. This achievement lays a robust foundation upon which we will continue to elevate our suite of services."
