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SAS 112 Resource Page

The AICPA issued Statement on Auditing Standards (SAS) No. 112, Communicating Internal Control Related Matters Identified in an Audit, establishing standards and providing guidance on communicating matters related to an entity’s internal control over financial reporting identified in an audit of financial statements.

NACUBO Resources

•  SAS 112: New Requirements for Control Deficiencies, Business Officer, April 2007
• Slides from SAS 112 session at the 2007 Higher Education Accounting Forum
• Slides from the AICPA Update at the 2007 Higher Education Accounting Forum
• SAS 112: Communicating Internal Control Related Matters Identified in an Audit: NACUBO's June 22, 2006 Webcast covers definitions of the terms significant deficiency and material weakness, provides guidance on evaluating the severity of control deficiencies and preparing your institutuion and your audit committee for the standard's implementation.
•  AICPA Issues SAS 112 on Communicating Internal Control Matters (May 26, 2006)
• Slides from the Proposed SAS session at the 2006 Higher Education Accounting Forum

Other Resources

• SAS 112 internal controls readiness: A PwC perspective
• AICPA's Governmental Audit Quality Center which promotes the importance of quality governmental audits and the value of such audits to purchasers of governmental audit services
• AICPA Illustrative Yellow Book Reports with New SAS 112 Language
• AICPA Conference Call on the impact of SAS 112 on Governmental Financial Audits The call was held on January 4, 2007 and provides both an overview of the standard and the expected revisions to Government Auditing Standards to adopt the provisions of SAS 112. In addition, there is a discussion of the status of an ongoing project between the AICPA and the U.S. Office of Management and Budget to determine how SAS 112 will affect audits performed under OMB Circular A-133.

NACUBO Contact: Sue Menditto, director, accounting policy