By LeaseCrunch® on Jan 3, 2019 9:00:00 AM
Unqualified opinion demonstrates that LeaseCrunch® policies, procedures and infrastructure meet or exceed stringent SOC 2® criteria
MILWAUKEE, January 3, 2019 – LeaseCrunch®, the only lease accounting software made by former CPA firm auditors for CPA firm auditors, today announced that it has successfully completed a System and Organization Controls (SOC) 2® Type I Audit examination by international business advisory firm Skoda Minotti.
SOC 2® engagements are performed in accordance with the American Institute of Certified Public Accountants’ (AICPA) AT-C 205, Reporting on Controls at a Service Organization and based on the trust service principles outlined in the AICPA Guide, Reporting on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy. The SOC 2® Type I report is performed by an independent auditing firm and is intended to provide an understanding of the service organization’s suitability of the design of its internal controls, and its ongoing commitment to create and maintain a secure operating environment for their clients’ confidential data.
Skoda Minotti’s testing of controls included examination of policies and procedures regarding network connectivity, firewall configurations, systems development life cycle, computer operations, logical access, data transmission, backup and disaster recovery, and other critical operational areas of business. Upon completion of the audit, LeaseCrunch® received a Service Auditor’s Report with an unqualified opinion demonstrating that their policies, procedures, and infrastructure meet or exceed the stringent SOC 2® criteria.
“The successful completion of our SOC 2® Type I examination audit provides LeaseCrunch® clients with the assurance that the controls and safeguards we employ to protect and secure their data are consistent with industry standards and best practices,” said Ane Ohm, Co-Founder and CEO.
LeaseCrunch® is essentially an ‘audit in a box’ for lease accounting, reducing the time it takes clients to prepare for an audit and reduces the time it takes CPA firms to perform the audit.
“We knew that each company’s desire for their CPA’s involvement would vary significantly, from accounting outsourcing to DIY clients,” said Ohm. “To accommodate the spectrum, our single interface allows the CPA firm to either act in a bookkeeping capacity or easily invite and hand off the bookkeeping role to their clients. LeaseCrunch® is designed to accommodate the needs for companies with large, complex portfolios, while still being a cost-effective solution for companies with as few as 1-5 leases, who most likely have an office lease material enough requiring full implementation.”
LeaseCrunch® provides the software solution and the CPA firm provides the implementation, enhancing client relationships by providing essential features and innovative solutions through a simple interface. Tools and features that save CPA firms time and money include electronic audit trails, automated quantitative footnote disclosures, leasing wizards for classification and lease term, simplified policy election templates, custom reporting, journal entry exports and amortization schedules. Clients have full control of whether the firm can access their lease portfolio for implementation or audit.
LeaseCrunch® provides cloud-based lease accounting software for CPA firms, designed to help organizations implement the new lease accounting standards, ASC 842 and IFRS 16. Designed by CPAs, former Big 4 public accounting auditors, software development veterans and a former member of the FASB staff, the application offers an easy-to-use customer interface that delivers “audit in a box” lease accounting services, reducing the time it takes clients to prepare for an audit.
LeaseCrunch® allows companies to identify policy elections for the leasing standard through templates for both U.S. GAAP and IFRS.
For more information go to: www.LeaseCrunch.com
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John Steven Vita Communications