simpLEASE Accounting Achieves SOC 1 Type 2 Examination Confirming Accounting and Financial Controls Security

simpLEASE Accounting Achieves SOC 1 Type 2 Examination Confirming Accounting and Financial Controls Security

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. 

Moore Colson, a third-party independent CPA based in Atlanta, GA, provided the independent service auditors’ report on Schneider Downs’s description of its lease accounting software system, simpLEASE, 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  description.

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). simpLEASE uses a wizard-based system to guide the user through the process and provides easy-to-understand guidance to analyze each individual lease. By answering a series of prompts about each contract, the program informs the user how the lease should be reported, reducing the time spent on the categorization process. Long-term, simpLEASE helps manage the on-going accounting of a leased asset including the creation of all of the necessary accounting entries on a monthly basis. Whether managing one lease or a thousand, simpLEASE makes lease accounting under ASC 842 simple and painless. 

For more information on simpLEASE visit www.simpleaseaccounting.com.

About Schneider Downs

Schneider Downs is a Top 60 independent Certified Public Accounting (CPA) firm providing accounting, tax, audit and business advisory services to public and private companies, not-for-profit organizations and global companies. We also offer Internal Audit; Technology Consulting; Software Solutions; Personal Financial Services; Retirement Plan Solutions and Corporate Finance Services. Schneider Downs is the 13th largest accounting firm in the Mid-Atlantic region and serves individuals and companies in Pennsylvania (PA), Ohio (OH), West Virginia (WV), New York (NY), Maryland (MD), and additional states in the United States with offices in Pittsburgh, PA, Columbus, OH and McLean, VA. 

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