Bracing for SAS 112

Identify and communicate internal controls to avoid liability

Recording of a 100-minute CPE webinar with Q&A


Conducted on Thursday, February 22, 2007

Program Materials

Description

Due to the AICPA’s statement on auditing standards No. 112, better known as SAS 112, accounting firms need to now identify and communicate audit clients’ “significant deficiencies” and “material weaknesses” in the same fashion for both public and private companies.  SAS 112 creates a new arena for accounting firms’ audit and attest practices as well as for their clients. Both sides need to thoroughly understand the requirements of SAS 112 to avoid any violations with their next audits, or those under way now.

Effective with audits of financial statements for periods ending on or after Dec. 15, 2006, SAS 112 instructs audit firms on communicating to client management about deficiencies and weaknesses identified during their audits and how to evaluate the severity of those deficiencies.

With more internal control deficiencies now considered severe and the PCAOB’s definitions of “significant deficiency” and “material weakness” now applicable to private companies, you need to attend our teleconference on February 22.

Our expert panel of speakers will evaluate every key aspect of SAS 112 and identify the implications for accounting firms and their audit clients.

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Benefits

Attendees will leave the teleconference equipped to answer questions like these during audits:

  • How to evaluate the “potential” magnitude of a control deficiency rather than the actual magnitude
  • Whether a single or series of deficiencies rise to the level of “significant” or “material”
  • Whether the company has instituted compensating or complementary controls
  • What is deemed “material” to the financial statement from both a quantitative and qualitative perspective

Faculty

Charles Landes
Charles Landes
Vice President of Professional Standards and Services
AICPA

He oversees technical activities of several audit-related panels. He’s a former member of the Auditing Standards...  |  Read More

Connie Wright
Connie Wright
Managing Director for the Middle Market Practice
Accounting Management Solutions

She works closely with clients to design and implement programs including SAS 112 readiness, Sarbanes-Oxley and M&A...  |  Read More