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SAS No. 115 and SAS No. 112

SAS No. 115 and SAS No. 112  


The Statement on Auditing Standards No. 115 supersedes the Statement on Auditing Standards No. 112 and e
stablishes standards and provides guidance on communicating matters related to an entity's internal control over financial reporting identified in an audit of financial statements.


SAS No. 112 applies to audits your firm performs for financial statements that ended on or after December 15, 2006, but before December 15, 2009.  Refer to the SAS no. 115 (supersedes SAS no. 112) Toolkit for implementation guidance
on the audits of financial statements for periods ending on or after December 15, 2009.

SAS No. 115 Toolkit 

The tools provided in the PCPS SAS No. 115 Toolkit are available exclusively to PCPS members and include:
  • Talking Points Document
  • Overview PowerPoint
  • Frequently Asked Questions
  • Newsletter/Web site Template
  • Client Letter Communicating Identified Significant Deficiencies or Material Weaknesses
  • Web Forum

     

     

    SAS No. 112 Toolkit 

    The SAS No. 112 tools can be accessed at the on our site and include:

    • Talking Points Document
    • Overview PowerPoint
    • Frequently Asked Questions
    • Newsletter/Web site Template
    • Client Letter Communicating the impact of SAS No. 112 directly to clients
    • Web Forum

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    SAS No. 115 Toolkit - PCPS Members

    Toolkit :  This toolkit provides guidance on the implementation of SAS No. 115 and tools to assist you in educating and communicating the impact of SAS No. 115 with your clients.
    Published on June 10, 2011

    Frequently Asked Questions

    FAQ :  The FAQs document is intended to address the most common practitioner questions related to applying SAS No. 115. In addition, it provides links to additional resources that may help you in understanding and applying SAS No. 115.
    Published on July 14, 2010

    SAS No. 112 Frequently Asked Questions

    FAQ :  SAS 112 FAQ document is intended to address the most common practitioner questions and concern related to applying SAS 112.
    Published on July 14, 2010

    The Impact of SAS 112 on Financial Statement Audits

    Presentation :  Here you will find the powerpoint presentation for the previously recored web forum presented by Chuck Landes, CPA of the A&A standards group at the AICPA, exploring the impact on the audits your firm performs for financial statements that ended on or after December 15, 2006.
    Published on July 14, 2010

    SAS No. 112 Toolkit - PCPS Members

    Overview :  SAS No. 112 will have an impact on the audits you perform for financial statements that ended on or after December 15, 2006. This toolkit will give you better insight into the implementation of SAS No. 112 and tools to assist you in educating and communicating the impact of SAS No. 112
    Published on July 14, 2010

    SAS No. 115 Educate Your Client Communication Letter

    Sample Letter :  This template document is designed for practitioners to update and educate each client directly on the new SAS No. 115 requirements.
    Published on May 11, 2010

    SAS No. 115 Client Newsletter or Web Site Template

    Template :  This document is designed for practitioners to communicate the impact of SAS No. 115 to their clients via the member’s newsletter, Web site, or other marketing communications.
    Published on May 11, 2010

    SAS No. 115 and SAS No. 112

    Presentation :  The Statement on Auditing Standards No. 115 supersedes the Statement on Auditing Standards No. 112 and establishes standards and provides guidance on communicating matters related to an entity's internal control over financial reporting identified i
    Published on April 17, 2010

    The Effects of SAS No. 115

    Presentation :  This presentation provides an overview of SAS No. 115, the impact to a client’s audit, and definitions and examples of significant deficiencies and material weaknesses.
    Published on February 09, 2010

    Summary of Findings - SAS 115

    Template :  This sample template document is designed for practitioners use to accumulate their findings in implementing SAS 115.
    Published on February 09, 2010

    Client Communication on Deficiencies

    Sample Letter :  This template document is intended for you to use to communicate identified significant deficiencies or material weaknesses that are based on the sample communication outlined in the SAS No. 115.
    Published on February 09, 2010

    SAS No. 112 Client Communication Letter for Upcoming Audits

    Sample Letter :  The SAS No. 112 Client Communication Letter is designed for members to communicate the impact of the Standard directly with each client in regards to an upcoming audit.
    Published on January 21, 2010

    SAS No. 112 Client Letter Communicating Significant Deficiencies and/or Material Weaknesses

    Sample Letter :  This template document is intended for you to use to communicate identified significant deficiencies or material weaknesses that is based on the sample communication outlined in the SAS No. 112. It can be tailored for your client’s specific issues that you identify during the audit and need to communicate to
    Published on January 21, 2010

    SAS No. 112 Talking Points Document

    Overview :  This document is meant to assist practitioners in addressing common questions clients may have related to SAS No. 112 and what the new standard means to their audit engagement.  You may choose to use it in preparing to have a conversation with your clients about SAS No. 112 before or
    Published on January 21, 2010

    The Effects of SAS No. 112

    Presentation :  This presentation provides an overview of SAS No. 112, the impact to a client’s audit, and definitions and examples of significant deficiencies and material weaknesses.  The presentation is designed for use by practitioners to educate their staff and clients about SAS No. 112 and can be tailored to address specific
    Published on January 21, 2010

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    Audit and Accounting Manual

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    Communicating Internal Control Related Matters in an Audit – Understanding SAS No. 115 – Audit Risk Alert

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