Insight Financial Services (IFS), a division of Insight Investments, LLC, announced it has achieved its sixth consecutive completion and recertification of the Service Organization Control (SOC) 1 Type 2 Audit.

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. It integrates with other enterprise systems with flexible APIs and includes detailed reporting capabilities.

“SOC is a critical industry standard and we are proud to continue to uphold our certification. It is important that our clients can have confidence that the reporting meets the current lease accounting standards,” said Chris Czaja, President, Insight Investments, LLC. “Our asset management tool gives clients easy access, full visibility, and total control over their technology assets, which makes managing their entire portfolio simple, fast and efficient.”

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.

IFS delivers customized leasing solutions for the acquisition of technology, equipment and associated services.