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Insight Financial Services Achieves Recertification of SOC 1 Type 2

June 23, 2020, 07:05 AM
Filed Under: Industry News

Insight Financial Services (IFS), a division of Insight Investments, LLC, announced it has again achieved successful completion of the Service Organization Control (SOC) 1 Type 2 Audit. This achievement marks IFS’ fifth consecutive recertification of SOC1 Type 2.

The audit verifies that IFS’ Asset Management Online System (AMOS) continues to meet the SOC 1 Type 2 standards for financial reporting and security controls. AMOS is the industry’s best-in-class, all-in-one lease and asset management solution that enables customers to easily access, augment and report on their lease and asset data. With AMOS, customers gain visibility into leased assets including entire IT portfolio value and metrics, upcoming maturities and more.

“IFS is proud to continue this important certification as our clients can be assured that they have accurate reporting to meet the current lease accounting standards,” said Scott Sullivan, Executive Vice President, Insight Investments, LLC. “We consistently receive feedback that AMOS is an excellent tool that allows our clients the access, visibility, and control to effectively manage their technology assets.”

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 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.

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