For those of you dealing with auditing issues related to internal controls, help is available.

The AICPA’s Private Companies Practice Section has developed an online toolkit to help members understand and implement Statement on Auditing Standards No. 112, “Communication of Internal Control Related Matters Identified in an Audit.”

According to the AICPA, SAS 112 “establishes standards and provides guidance on communicating matters related to an entity’s internal control over financial reporting identified in an audit of financial statements.” It is effective for audits of periods that ended on or after Dec. 15, 2006.

This article takes a closer look at some of the key concepts surrounding SAS 112.

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