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SAS No. 115, which superseded SAS No. 112, establishes standards and provides guidance on communicating matters related to an entity's internal control over financial reporting identified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.
- Frequently Asked Questions
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.
- SAS No. 115 Newsletter/Web site 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.
- SAS No. 115 Educate Your Client Communication Letter
This template document is designed for practitioners to update and educate each client directly on the new SAS No. 115 requirements.
- SAS No. 115 Overview PowerPoint
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. The presentation is designed for use by practitioners to educate their staff and clients about SAS No. 115 and can be tailored to address specific client issues.
- SAS No. 115 Client Letter Communicating Identified Significant Deficiencies or Material Weaknesses
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. It can be tailored for your client’s specific issues that you identify during the audit and need to communicate to them in writing.
- SAS No. 115 Sample Findings Accumulation Worksheet
This sample template document is designed for practitioners use to accumulate their findings in implementing SAS 115.