Internal Control Deficiencies: Assessment and Reporting Under SAS 115 (111069A)
REGISTRATION STATUS:
Online registrations are closed for this event. We can take your registration over the phone at 800-782-2036.
Description:
SAS No. 115 places significant responsibilities on the auditors of nonpublic companies to communicate internal control deficiencies identified in an audit. SAS No. 115, combined with the requirements in the recently effective Risk Assessment Standards, will likely increase the quantity and variety of control deficiencies required to be communicated to management and those charged with governance D not just in the initial year of discovery, but in each subsequent year until the deficiency is remediated. Focus on compliance with the standards' requirements by examining each stage of the decision-making framework and review numerous illustrations and practice exercises. The course can help managers of nonpublic companies decide whether a control deficiency exists and how to correct it.
Objectives:
Upon completion of this course, participants will be able to: Evaluate the severity of control deficiencies identified in an audit and communicate them to management and those charged with governance in accordance with SAS No. 115 Determine how compensating controls can mitigate a control deficiency Learn how and when to report control deficiencies
Major Topics:
- Control deficiencies that are reportable under SAS No. 115
- Use of COSO framework in assessing control deficiencies
- Assessment of compensating controls
- Numerous question/answer write-ups, illustrations and class exercises that pinpoint the distinguishing features of deficiencies that are reportable, who to report them to, and when to report them D all supported by practical tips and hints
Who Should Attend:
* Independent auditors, and managers and internal auditors in nonpublic companies, nonprofits and government agencies
Prerequisite:
Experience with accounting processes and internal control; familiarity with COSO Internal Control framework is helpful
Advanced preparation:
None
