Sept. 07, 2023 (GLOBE NEWSWIRE) — COSTA MESA, Calif. A branch of Insight Investments, LLC called Insight Financial Services (IFS) announced today that it had completed and been recertified for the Service Organisation Control (SOC) 1 Type 2 Audit for the eighth time in a row.
The most recent audit confirms that IFS’ Asset Management Online System (AMOS) complies with SOC 1 Type 2 security and financial reporting requirements. Customers can access, supplement, and report on their lease and asset data with the help of AMOS, the market’s best-in-class, all-in-one lease and asset management system. With AMOS, customers can see the worth and KPIs of their whole IT portfolio, future maturities, and more. It features comprehensive reporting capabilities and versatile APIs for integration with other enterprise systems.
“SOC certification is important because it verifies that we are meeting the current lease accounting standards, which allows our customers to get the most out of our services and operate as efficiently as possible,” said Scott Sullivan, Executive Vice President of National Sales, Insight Financial Services. “Our asset management system is an incredibly valuable tool for our customers because it delivers end-to-end visibility and control over all technology assets, and makes managing an entire portfolio easy and accurate.”
The report aids auditors in preparing the audit of user entities’ financial statements or internal control over financial reporting and assessing control risk for claims in user entities’ financial statements when paired with knowledge of the controls at user entities. It should be in conjunction with the understanding of controls at user entities.
About SOC 1 Type 2
A service auditor reports on controls at a service organisation that may be relevant to a customer’s internal controls over financial reporting in a SOC 1 assessment conducted following the SSAE 16. The Type 1 audit, which assesses the internal physical and procedural security system controls, must be finished before the Type 2 report. The AMOS System Reports comply with the FASB Lease Guidelines and ensure that data is consistent throughout the system, according to the IFS SOC 1 Type 1 audit, which was conducted. The Type 2 report confirms the successful upkeep of the claimed security and controls mentioned in the Type 1 report. When responding to audits from independent accounting firms, IFS clients may do so with confidence because of the data and reports.
About Insight Financial Services
A part of Insight Investments, LLC, called Insight Financial Services (IFS), offers specialised lease options for the purchase of machinery, tools, and related services. The transparent IT refresh and lease solutions offered by IFS are advantageous to businesses and government organisations. Original Equipment Manufacturers (OEMs), Managed Services Providers (MSPs), and Value-Added Resellers (VARs) use IFS to create specialised vendor programs that assist their clients in purchasing more of their products. IFS takes pride in its hands-on, team-based approach to leasing and has a nationally managed portfolio worth more than $1.4 billion. Clients can manage their assets and leases from anywhere at any time with the help of its Asset Management Online System (AMOS).
Source Link: https://finance.yahoo.com/news/insight-financial-services-achieves-8th-160300818.html
