SAS 112 or the Statement on Auditing Standard No. 112 is a new auditing standard issued on May 2006 affecting audits of financial statements for periods ending on or after December 15, 2006. Its purpose is to harmonize the audit standards of non-profit companies to those already prepared for public companies. It will result in assessments becoming compliant with national standards. Auditing firms ought to take note of this as it may cause some miscalculations or misstatements in their audit reports.
The Knowledge Congress is assembling a panel of experts who will share their insights on the advantages and disadvantages of this new statement. The experts are scheduled to speak in a two-hour teleconference and webinar.
Ahava Goldman
Technical Manager - Audit and Attest Standards
Richard H. Gesseck, CPA
Partner
John P. Langan, CPA
Principal In Charge of the Nonprofit and Government Services Group
Ahava Goldman, Technical Manager - Audit and Attest Standards, American Institute of Certified Public Accountants
- Overview of the technical requirements
- SAS 112 and the COSO framework
- Common misconceptions
Richard H. Gesseck, CPA, Partner, UHY LLP
- Entity level deficiencies
- Financial statement closing process deficiencies
- IT deficiencies
- Deficiencies in routine processes designed versus operating deficiencies
- Evaluating operating deficiencies (actual deviations compared to expected deviations)
- Common examples and confusion
- Comparison to SEC and PCAOB standards
- Potential future effects on independence standards
Mr. John P. Langan, CPA, Principal In Charge of the Nonprofit and Government Services Group, LarsonAllen LLP
- Impact of SAS 112 on Not-for-Profits
- The Non-profit Audit Environment
- Common Examples of NFP Material Weaknesses and Significant Deficiencies
- Auditor Guidelines for Determining Control Deficiencies
- Preparing Your Clients for SAS 112 Scrutiny
- Public Accountants
- Internal Auditors
- Controllers
- Associate and Assistant Controllers
- Financial Reporting Managers
- Chief Financial Officers
This is a must attend event to anyone interested in understanding the related updates on Statement on Auditing Standard No. 112 (SAS 112)M.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A