iLeasePro earns 2026 SOC 1 Type 2 report for ASC 842 lease accounting software

iLease Management says iLeasePro completed its 2026 SOC 1 Type 2 examination for the 12 months ended July 31, 2026, giving customers and their auditors independent evidence on controls tied to lease accounting. The report covers access, security, change management and lease calculation controls used by finance teams working under ASC 842.

Why it matters: - The report gives iLeasePro customers independent evidence they can use during year-end audits. - The examination covers controls tied to lease calculations, amortization and depreciation, not just infrastructure. - The Type 2 scope also helps IT and procurement teams review security, backup and vendor-risk questions. - iLeasePro repeats the examination every year, which gives customers a recurring control check over time.

What happened: - iLease Management LLC announced that iLeasePro earned its 2026 SOC 1 Type 2 report. - The report covers the period from August 1, 2025 through July 31, 2026. - Independent service auditor A-LIGN performed the examination under the AICPA attestation standard SSAE 18. - A-LIGN concluded that iLeasePro controls were suitably designed and operated effectively throughout the period, in all material respects, to meet the stated control objectives.

The details: - The report examined information security controls, including access to the application and production systems, password and lockout rules, audit logging and daily backups. - The report covered data communications controls, including encryption of data in transit and at rest, firewall rules and intrusion detection. - The review included the control environment, such as policies, background checks and security training for staff. - The report examined change management controls for requested, approved, tested and released software changes. - The ASC 842 validation review included edit checks on customer-entered data, review of system output for completeness and accuracy, and the application of lease calculations, amortization and depreciation. - The report identifies complementary user entity controls that customers must maintain on their own side. - Those customer-side controls include managing who can access the iLeasePro account and keeping lease data complete and accurate. - Customers remain responsible for the lease data they enter and the accounting judgments behind it, including lease classification and the discount rate. - John Meedzan, managing partner of iLease Management LLC, said an independent examination repeated every year shows that customer trust is earned and gives auditors independent evidence to use at year-end.

Between the lines: - A SOC 1 Type 2 report is more useful than a point-in-time design review because it tests operating effectiveness across a full year. - For software that feeds financial statements, the report can reduce friction between finance teams, auditors and internal risk reviewers. - The complementary user entity controls are a reminder that software assurance does not replace customer responsibility for accounting inputs and judgments.

What's next: - Finance teams evaluating lease accounting software can request a demonstration of iLeasePro. - Current customers and their auditors can request a copy of the 2026 report from iLease Management. - iLease Management says it will continue the annual examination cycle.

The bottom line: - iLeasePro now has another year of independent control testing behind a product built for ASC 842 lease accounting.