LeaseAccelerator, a software-as-a-service (SaaS) solution for enterprise lease accounting, announced that it has successfully completed a SOC 2 Type 2 assessment performed by an independent third-party auditor.
For the past four consecutive years, LeaseAccelerator has achieved clean SOC 1 Type 2 audits for financial controls assurance. The new SOC 2 certification provides additional attestations on the controls for security, availability, processing integrity, confidentiality and privacy.
Developed by the AICPA, the SOC 2 (Service Organization Control assessment) is an attestation report that provides detailed information and assurance about the controls at a service organization relevant to security, availability and processing integrity of the systems the organization uses to process users’ data as well as the confidentiality and privacy of the information processed by these systems. The SOC 2 Type 2 provides not only an assessment of the design of the controls, but also an audit of the operating effectiveness using industry control techniques. LeaseAccelerator’s most recent SOC 2 audit was completed in July 2018 and resulted in no material weaknesses or findings.
“Although not required, LeaseAccelerator elected to include all five Trust Service Principles (TSPs) in scope including security, availability, processing integrity, confidentiality and privacy”, said Jonathan Crawford, CTO of LeaseAccelerator. “To best align with the various fiscal year calendars and auditing cycles of our diverse customer base, LeaseAccelerator plans to continue performing for SOC 1 and SOC 2 audits at regular six-month intervals. We hope this level of testing will save corporate controllers at public companies a lot of unnecessary time and stress.”