LeaseQuery, a leading provider of comprehensive lease accounting software to nearly 1,000 companies, announced today that is has completed a SOC 1 Type 2 assessment performed by a Big 4 auditor. This report is available to prospective customers as a part of their standard due diligence process.
“Compliance with the new lease accounting standards is an urgent concern for companies and requires a tested software solution built by accountants and for accountants,” says George Azih, CEO and founder of LeaseQuery. “As former accountants, we also know that making the annual audit go smoother is a key objective, and this examination is a step in helping our customers work with their auditors.”
Developed by the American Institute of Certified Public Accountants (AICPA), the SOC 1, or Service Organization Control report, is an Examination of Controls at a Service Organization relevant to user entities internal control over financial reporting.
The examination of LeaseQuery’s controls under the SOC 1 Type 2 AICPA standards is an important investment for LeaseQuery. Our clients deserve the peace of mind that comes with knowing an independent public accounting firm completed this examination.
As many companies approach year-end planning and anticipate audit season, lease accounting should be top of mind. 2020 will be a critical year for the lease accounting transition, as our recent survey found that just 5% of private companies have completed their transition.
Find out why more than 10,000 accountants use the LeaseQuery platform here.
LeaseQuery helps more than 10,000 accountants and other finance professionals eliminate lease accounting errors through its CPA-approved lease accounting software. It is the first lease accounting software built by accountants for accountants. By providing specialized consulting services in addition to its software solution, LeaseQuery facilitates compliance with the most comprehensive regulatory reform in 40 years for companies across all sectors. For more information about LeaseQuery, visit LeaseQuery.com
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