Insight Financial Services Completes SOC 1 Type 2 Audit

Insight Financial Services (IFS), a division of Insight Investments, 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 a Lease and Asset Management tool that enables customers to 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. “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.”

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.

Insight Financial Services delivers technology leasing solutions for businesses acquiring hardware, software and associated services.

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.