I keep hearing about "SAS 112" – What does it mean to me?
You may have had several conversations with your auditor about “SAS 112”. “SAS” stands for Statement of Auditing Standards - the auditing standards every auditing firm must follow in performing financial statement audits, including audits of state and local governments. SAS 112 is titled Communicating Internal Control Related Matters Identified in an Audit.
The most significant change mandated by SAS 112 is the terminology used in communicating matters of internal controls with clients. In addition, the SAS requires the auditors to change the approach to addressing internal controls within an organization. The SAS also addresses when the communications will be made with members of the government entities’ management.
The American Institute of Public Accountants (AICPA) has established a Government Audit Quality Control center (GAQC) which gives members valuable resources in performing government audits. One of the resources is access to conference calls made available to center members on current topics. The GAQC has determined the impact of SAS 112 is significant enough to both members and those in government management to allow public access to a conference call to members. You may download the slides to the conference call and hear the call by going to the GAQC website.
Lewis, Hooper & Dick, LLC is committed to achieving the highest quality and most efficient audits possible with our specialized team of auditors. We were one of the first firms in Kansas to join the Government Audit Quality Center to gain access to comprehensive resources to assist us in enhancing the quality of your audit. The Center membership provides us with timely information on a variety of technical, legislative and regulatory subjects we can in turn apply to your audit to help ensure compliance with the appropriate standards and changes in regulations.
To find a firm that is a member of the GAQC, click here. You can search for firms either by name or by state.
For further information, contact Lewis, Hooper & Dick, LLC at (620) 275-9267.