LeaseQuery Receives Unqualified SOC 1 Type 2 Report Performed by EY
JAN 11, 2019 - 6:20 am
LeaseQuery has received an unqualified System and Organization Controls (SOC) 1 Type 2 report. The report, issued by EY, provides end users with comfort that LeaseQuery’s lease accounting software controls are designed and operating effectively.
“Evaluating lease accounting software is new territory for our prospects. They have several vendors to choose from and no room for error,” said George Azih, LeaseQuery founder and chief executive officer. “Receiving an unqualified SOC report from a reputable Big Four firm enables us to provide them with assurance that our software performs as promised.”
LeaseQuery supplemented its SOC report by adding an additional control objective that provides users with further assurance that calculations and reports are complete and accurate. To reach this assessment, EY examined LeaseQuery’s system development and change management policies as well as its quality assurance policies and procedures. The report covers several basic lease scenarios and verifies that LeaseQuery’s system generates accurate journal entries and amortization tables.
“We added this additional objective to provide our customers with confidence that the reports generated by our system are calculating correctly,” said Azih. “With this additional peace of mind, they can rely on our solution to meet the requirements of the Boards, their auditors and internal stakeholders.”
The standards for SOC reports are set by the American Institute of Certified Public Accountants (AICPA). The SOC 1 Type 2 report focuses specifically on a service organization’s controls that are relevant to its end users’ internal controls for financial reporting.
University of Pennsylvania organizational psychology professor Adam Grant once said, “The hallmark of originality is rejecting the default and exploring whether a better option exists.” Consider the story of eyeglass company Warby Parker. As college students buried in debt and... read more
If you are a secured lender, then you know to file a UCC financing statement to perfect your security interest in the collateral, whether or not it is tangible (such as equipment) or intangible (such as accounts or leases). You... read more