LeaseCrunch successfully completed a System and Organization Controls (SOC) 1 and SOC 2 report.
LeaseCrunch, a cloud-based lease accounting software company, today announced the successful completion of System and Organization Controls (SOC) 1 and SOC 2 reports by business advisory services firm Marcum LLP.
“The successful completion of our SOC 1 Type II and SOC 2 Type II reports provide LeaseCrunch customers with the confidence that their financial reporting is accurate and that LeaseCrunch’s internal controls and safeguards to protect their data are consistent with the industry standards and best practices,” said Ane Ohm, Co-Founder and CEO. “Ensuring we provide clients with accurate financial reporting and calculations, and maintaining the most stringent internal processes is a top priority for us. We are and will remain committed to software excellence.”
SOC 1 engagements are performed in accordance with the American Institute of Certified Public Accountants’ (AICPA) AT-C section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting, are specifically intended to meet the needs of entities that use service organizations (user entities) and the CPAs that audit the user entities’ financial statements (user auditors), in evaluating the effect of the controls at the service organization on the user entities’ financial statements.
SOC 2 engagements are performed in accordance with the AICPA’s 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.
LeaseCrunch is built for CPA firms and is the easiest lease accounting solution on the market, reducing the time it takes clients to prepare for an audit and the time it takes CPA firms to perform the audit. It maintains accuracy even as lease inputs change. With LeaseCrunch’s step-by-step wizards, worry-free calculations and automated quantitative footnote disclosures, firms can be confident their clients are complying with the requirements of the new lease standard.