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 with your clients.
While these tools and resources were developed to support you in the implementation and communication of SAS No. 112 in your firm and with your clients, they are not meant to replace the guidance and direction outlined in SAS No. 112 and in the Risk Alert on SAS No. 112. Please refer to the SAS No. 112 and Risk Alert for the actual detailed guidelines and requirements for implementing SAS No. 112 in your audit practice.
Toolkit Components
- SAS No. 112 Educate Your Client Communication Letter
This template document is designed for practitioners to communicate the impact of SAS No. 112 directly to each client. There are two letters, with one written for use prior to the audit and the second written for use during the audit if the audit has already begun, to help communicate what SAS No. 112 will mean to the client organization.
- SAS No. 112 Talking Points Document
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 during the audit, but prior to issuing any SAS No. 112 findings.
- SAS No. 112 Overview PowerPoint
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 client issues.
- SAS No. 112 Web Forum
This previously recorded web forum, presented by Chuck Landes, CPA of the A&A standards group at the AICPA, explores the impact on the audits your firm performs for financial statements that ended on or after December 15, 2006. It provides you with insight into the implementation of SAS No. 112 and how to communicate the new standard and its impact to your clients as it relates to their audit engagement.
Click here to view the session
Download Presentation
For questions on the use of these tools, or to share your ideas for enhancing their value in your efforts, please contact us at 1-800-CPAFIRM or email us at pcps@aicpa.org.