Insight Financial Services (IFS) again achieved successful completion of the Service Organization Control (SOC) 1 Type 2 Audit. The audit verified that IFS’ asset management online system (AMOS) continues to meet 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.

“IFS continues to grow and expand across the country, and maintaining compliance with the SOC 1 audit demonstrates our ongoing commitment to our customers who value the integrity and security that we provide through our service and AMOS system,” said Scott Sullivan, executive vice president, Insight Investments. “Our AMOS system is a huge value to our customers as it saves them significant time, effort and money in managing data required to meet the lease accounting standards. It provides full visibility into a customers’ environment which makes managing assets easy, efficient and accurate.”

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 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.

Insight Financial Services is a division of Insight Investments which delivers customized technology leasing solutions for organizations acquiring hardware, software and associated services. It has a national managed portfolio in excess of $800 million, with its AMOS providing clients with anywhere, anytime asset and lease management.