Internal Controls
The Board is responsible for the Company’s systems of internal control, although the Audit Committee reviews the effectiveness of such systems and reports its findings to the Board. The Board confirms that there is an ongoing process for identifying, evaluating, and managing the significant risks faced by the Company.
The internal control systems are designed to meet the Company’s particular needs and the risks to which it is exposed. Accordingly, the internal control systems are designed to manage rather than eliminate the risk of failure to achieve business objectives and by their nature can only provide reasonable and not absolute assurance against misstatement and loss.
In December 2009, HarbourVest Partners, LLC successfully completed a SAS 70 Review and issued a Type II SAS 70 Report on internal control environment and operating effectiveness. The firm’s independent auditor conducted the SAS 70 review, which covered the period from April 1, 2009 to September 30, 2009. The Type II SAS 70 Report, Private Equity Fund Administration Report on Controls Placed in Operation and Tests of Operating Effectiveness, documents controls across the Firm’s operations including investment policy, reporting to clients, capital calls, distributions, cash management, and financial records. HarbourVest is one of the first independent private equity managers to issue a SAS 70 report.
The Company does not have an internal audit department. All of the Company’s management and administration functions are delegated to independent third parties or the investment manager and it is therefore felt there is no need for the Company to have an internal audit facility. However, this matter will be reviewed annually.
Share Price
08 September 2010
LSE
$5.53
0.00c 0.00%
EURONEXT
$5.20 0.00c 0.00%
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ISIN : GG00B28XHD63
Bloomberg : HVPE NA
Reuters : HVPE.AS
Common Code : 03208187
Amsterdam Security Code : 612956
Class A ordinary shares : 83,000,000
