SAS Nos. 104-111 Demand Tighter Audit Processes

The AICPA’s Auditing Standards Board reinvigorated how auditing firms assess risk of material misstatements in financial statements when it issued Statements on Auditing Standards Nos. 104 through 111. Those eight standards are effective for clients’ fiscal years starting January 1, 2007 or after.

Along with SAS No. 112 on how auditors should communicate deficiencies to clients, the landscape of financial statement audits has been redrawn. As accounting firms prepare to audit their clients' 2007 fiscal years, generic audits will no longer pass muster in this tougher regulatory environment.

Listen as our panel of accounting profession veterans gives your audit staff not only the letter, but also the intent and nuance of every material portion of SAS Nos. 104-111.

The panel included:

Lynford Graham, Independent CPA, Short Hills, N.J. He previously was National Director of Audit Policy at BDO Seidman.

Richard H. Gesseck, Partner, UHY LLP, New Haven, Conn. He has more than 35 years of public accounting experience working with manufacturing and distribution and high-tech companies.

Charles "Chip" Schweiger, Partner, Assurance Services Practice, Grant Thornton, Dallas. He works with technology, manufacturing and retail/distribution clients. He has worked extensively on IPOs, secondary equity and debt offerings, and acquisitions.

The panel explains and prepares you to react to these and other key issues:

• Understanding the client’s environment and internal controls
• Assessing the risks of material misstatements in financial statements
• Crafting procedures that appropriately respond to the risks
• Improving your documentation between the assessed risks and audit procedures

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