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OD: Communicating Int. Control Related Matters Identified in Audits

Recorded June 23, 2006

Overview

As we enter audit season, begin evaluating and preparing for newly issued SAS 112 – which will be effective for next year’s audits.

On May 26, 2006 the AICPA issued SAS No. 112, Communicating Internal Control Related Matters Identified in an Audit. The statement addresses communicating matters related to an entity’s internal control over financial reporting identified in an audit of financial statements. 

The SAS is considered significant because:

• the standard will be considered and likely cause change in GAO standards, impacting institutions’ A-133 audits and other areas.
• terms such as significant deficiency and material weakness are also in the Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction With an Audit of Financial Statements; although the definitions in the PCAOB standard are more rigorous.

What You Will Learn:

• Definitions of the terms significant deficiency and material weakness.
• Guidance on evaluating the severity of control deficiencies identified in an audit of financial statements.
• Communication requirements
• How to prepare your institution and your audit committee

Who Should Participate?

• Controllers
• Associate and Assistant Controllers
• Financial Reporting Managers
• Chief Financial Officers

Meet the Presenters:

• John Mattie, PricewaterhouseCoopers
• Drew Paluf, University of Notre Dame

Course Information:

• Course Level: Advanced
• CPE:  not available for ON-DEMAND programs
• Length: 120 minutes
• Prerequisites: none

Fees