Lease accounting software provider LeaseQuery completed a System and Organization Controls (SOC) 1 Type 2 assessment performed by a Big 4 auditor.
This report is available to prospective customers as a part of their standard due diligence process.
“Compliance with the new lease accounting standards is an urgent concern for companies and requires a tested software solution built by accountants and for accountants,” says George Azih, CEO and founder of LeaseQuery. “As former accountants, we also know that making the annual audit go smoother is a key objective, and this examination is a step in helping our customers work with their auditors.”
Developed by the American Institute of Certified Public Accountants (AICPA), the SOC 1 report is an examination of controls at a service organization relevant to user entities internal control over financial reporting.
The examination of LeaseQuery’s controls under the SOC 1 Type 2 AICPA standards is an important investment for LeaseQuery, as it provides peace of mind to clients who know an independent public accounting firm completed this examination.
As many companies approach year-end planning and anticipate audit season, lease accounting should be top of mind. 2020 will be a critical year for the lease accounting transition, as LeaseQueary’s recent survey found that just 5% of private companies have completed their transition.
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