Statement on Auditing Standards No. 115, Communicating Internal Control Related Matters Identified in an Audit, is effective for audits of financial statements for periods ending on or after December 15, 2009 through December 14, 2012. For audits of financial statements for periods ending on or after December 15, 2012, the Clarified Auditing Standards supersede SAS 115. See the Clarified Auditing Standards Toolkit for information on the new guidance. Note that early adoption of the Clarified Standards is not permitted.
SAS No. 115, which superseded SAS No. 112, establishes standards and provides guidance on communicating matters related to an entity's internal control over financial reporting identified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. 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.
While these tools and resources were developed to support you in the implementation and communication of SAS No. 115 in your firm and with your clients, they are not meant to replace the guidance and direction outlined in SAS No. 115 and in the Risk Alert on SAS No. 115. Please refer to the AICPA’s “ Communicating Internal Control Related Matters Identified in an Audit - SAS No. 115” and AICPA’s Audit Risk Alert “ Communicating Internal Control Related Matters in an Audit - Understanding SAS No. 115 ” for the actual detailed guidelines and requirements for implementing SAS No. 115 in your audit practice.