Lease accounting software provider, Schneider Downs, has announced the successful completion of the Service Organization Control (SOC) 1 Type 2 audit for simpLEASE Accounting. The third-party audit validates the completeness and accuracy of simpLEASE’s accounting and financial controls.
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Moore Colson, a third-party independent CPA and advisory firm based in Atlanta, GA, provided the independent service auditors‘ report on Schneider Downs’s description of its lease accounting software system, simpLEASE. The audit reviewed simpLEASE software for processing user entities’ transactions throughout the period October 1, 2019 to September 30, 2020 and the suitability of the design and operating effectiveness of the controls to achieve the related control objectives stated in the software’s description.
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Jason M. Reljac, Manager of simpLEASE Accounting Services at Schneider Downs noted, “We are confident in what we have built with simpLEASE in regards to control and accuracy around lease accounting, and having the SOC report completed further validates our efforts and our commitment to our clients.”
simpLEASE was developed by Schneider Downs, one of the nation’s 60 largest public accounting firms, to help organizations adapt to the new lease accounting standards introduced by the Financial Accounting Standards Board (ASC 842). Users answer series of prompts about each lease contract and then simpLEASE provides information on how the lease should be reported through a wizard-based system, reducing the time spent on the categorization process and providing an easy-to-understand guidance to analyze each individual lease.
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