COSTA MESA, Calif., Aug. 21, 2017 (GLOBE NEWSWIRE) -- Insight Financial Services (IFS), a division of Insight Investments, LLC, today announced that it has completed the Service Organization Control (SOC) 1 Type 2 Audit. The audit verified that IFS’ Asset Management Online System (AMOS) meets the SOC 1 Type 2 standards for financial reporting and security controls. AMOS is the industry’s best-in-class Lease and Asset Management tool that enables customers to easily access, augment and report on their lease and asset data.
“As an established leader in technology leasing solutions, the SOC 1 audit reaffirms our ongoing efforts to provide customers with the highest level of integrity and security in managing their lease and asset data in the AMOS system,” said John Ford, Chief Executive Officer, Insight Investments, LLC. “The audit covers the entire AMOS system and will save clients significant time, effort and money in managing data required to meet the new lease accounting standards.”
Why is SOC 1 Type 2 Important to IFS Customers?
SOC 1 is an assessment performed under SSAE 16 in which a service auditor reports on controls at a service organization that may be relevant to a customer’s internal controls over financial reporting. The Type 2 report first requires completion of the Type 1 audit, which evaluates both internal physical and process controls of security systems. The IFS SOC 1 Type 1 audit confirmed that the AMOS System Reports comply with the new FASB Lease Guidelines and ensure that data is consistent across its entire system. The Type 2 report verifies that the stated security and controls included in the Type 1 report have been successfully maintained. This provides IFS clients with confidence when responding to audits from outside accounting firms, as the data and reports are being generated and maintained in a SOC 1 audited system.
About Insight Financial Services
Insight Financial Services (IFS), a division of Insight Investments, LLC, delivers financially transparent technology leasing solutions for businesses acquiring hardware, software and associated services. Its Asset Management Online System (AMOS) provides anywhere, anytime asset management. An ISO 9001:2008 certified organization, IFS serves more than 400 active customers with a managed portfolio in excess of $750 million. For more information, visit www.ifsleasing.com.