Internal Controls Over Lease Accounting

The controls that keep lease numbers right between audits, the evidence that proves they operated, and the vocabulary auditors use when they do not — a deficiency, a significant deficiency and a material weakness are three different findings with three different consequences.

7 articles across 3 groups.

Start here ASC 842 Internal Control Framework: Design and Evidence

Which controls to run over identification, measurement and reporting, and how each is evidenced.

Design the controls

ASC 842 Internal Control Framework: Design and EvidenceWhat is the ASC 842 internal control framework? What are the key components of an ASC 842 internal control framework?
ASC 842 Lease Accounting Internal Controls Guide | iLeaseProWhat constitutes an effective lease accounting control framework under ASC 842? How do internal controls for ASC 842 prevent material misstatements in …
Lease Control Documentation for Audit Evidence | iLeaseProWhat constitutes sufficient lease control documentation for an audit? How can I ensure my lease control documentation meets ASC 842 audit standards?

When controls fail

Classifying a deficiency, and the findings that recur.

Material Weakness vs Significant Deficiency in LeasesWhat is the difference between a material weakness and a significant deficiency in lease accounting? When does a significant deficiency escalate to a …
Common Lease Accounting Control DeficienciesWhat are common control deficiencies in lease accounting? How do control deficiencies impact ASC 842 compliance?

Relying on your software vendor

A SOC 1 report covers the vendor's controls, not yours — the gap is the CUECs.

SOC 1 Reports for Lease Accounting Software | iLeaseProWhat should I look for in a SOC 1 report for lease accounting software? How does a SOC 1 report mitigate risks in lease accounting?
Complementary User Entity Controls for Lease | iLeaseProWhat are Complementary User Entity Controls (CUECs) in the context of lease software? How do CUECs ensure the reliability of lease accounting data?

Other topicsAudit Close Compliance Disclosures Financial Reporting Healthcare Implementation Lean Accounting Lease Abstracting Lease Accounting Lease Analysis Lease Management Press Release Product Updates Regulatory Updates

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