Does iLeasePro support Sarbanes-Oxley Compliance requirements?
Yes. iLeasePro has been developed to provide the technology to support the requirements of the Sarbanes-Oxley Act of 2002 regarding your lease data. But please note that every firm has different policies and procedures so you should perform your own due diligence to ensure that iLeasePro meets your firms policies regarding the Sarbanes-Oxley Act of 2002.
Part of the auditing process is to trace the flow of financial information inside the organization. For most companies, most of this information flow takes place through IT systems. This means that IT needs to provide assurance that this data:
- Cannot be altered by unauthorized individuals.
- Cannot be viewed by unauthorized individuals.
- Is available when needed by authorized individuals.
iLeasePro's User Access Entitlement feature is tightly integrated within Lease Management and Accounting allows you to define specific users who can or cannot have access to specific data.
Compliance with Section 404 requires that organizations document and assess a wide variety of business processes: sales, billing, cash receipts, financial reporting, and purchasing, among others. These processes must be documented and internal control processes tested. Compliance thus requires a means of effectively capturing documents so they can be incorporated into the financial reporting process, and to allow documents to be accessed to highlight potentially material issues.
iLeasePro's Document Management feature is tightly integrated within Lease Management and Accounting and not only links and stores your key documents by lease and the function (i.e. Rent, Property, Accounting, etc) within the lease to enable you to produce a document inventory report but also allows you to determine whether a document is required or not to ensure that your document inventory is complete.
Does iLeasePro support the requirements to comply to the FASB ASC 842 Lease Standard Changes?
Yes. iLease Management LLC has been actively involved in the FASB Lease Accounting changes and has been providing insightful information through research articles and whitepapers since 2010 (Check our our Lease Accounting Blog). Unlike most other lease accounting products, the iLeasePro solution's Lease Accounting feature is not a "bolted on" component but rather has been built from the ground up. Our development group has built the foundation to support the complex Right to Use journal entry calculations. The iLeasePro Lease Accounting feature provides an answer to your ASC 842 compliance requirements.
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