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Insight Financial Services Achieves Seventh Consecutive Recertification of SOC 1 Type 2

September 29, 2022, 07:05 AM
Filed Under: Industry News

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

The latest 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.

“We are proud to maintain ongoing certification of the SOC industry standard,” said Chris Czaja, President, Insight Investments, LLC. “The fact that our reporting is certified as meeting the current lease accounting standards helps our customers to maximize the value of our services and operate as efficiently as possible. Our asset management tool provides a centralized system with complete visibility and control over all their technology assets. The powerful lifecycle management capabilities make managing an entire portfolio easy, fast, accurate and effective.”

The report, when combined with an understanding of the controls at user entities, is intended to assist auditors in planning the audit of user entities’ financial statements or user entities’ internal control over financial reporting and in assessing control risk for assertions in user entities’ financial statements that may be affected by controls at Insight Financial Services.

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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