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Internal Control Deficiencies: Assess/Report SAS 112 & 115
   LIVE Webcast  


Event Details:                                                                                                                                                          

The Auditing Standards Board (ASB) issued the Statement on Auditing Standards (SAS) No. 115 to replace SAS No. 112. It aims to provide auditors of non-public companies with a more effective & reliable set of guidelines to enhance a non-public company's auditor with the ability to assess and verify the firm's financial story. This rule is required for fiscal year financial audits for periods ending on or after December 15, 2009. Both SAS 112 and SAS 115 introduce a number of changes, not to mention new sets of compliance rules. Internal controls, financial reporting & governance executives must be aware of these changes for consistent, accurate, and good governance practices.

Join this LIVE two-hour webcast and hear directly from regulators, legal and financial experts to discuss their substantive viewpoints on this topic. A live interaction with the audience in a question and answer format is also included in this event. Advanced registration is recommended as space is limited. Register early and save! Click the “Register” button below to sign up for this course today.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Group, LLC
Recommended CLE/CPE Hours: 1.75 - 2.0
Advance Preparation: Print and review course materials
Course Code: 104055
Recording Fee: $299 (Please click here for details)


Featured Speakers for Internal Control Deficiencies: Assess/Report SAS 112 & 115 LIVE Webcast :

Proposed Agenda  (click here to view more)

  • Background
    • Why SAS 112 was issued, in May 2006
    • Why SAS 115 was issued to supersede SAS 112 two years later
    • ASB Clarity Project – clarified SAS on communicating internal control deficiencies
  • Overview of SAS
    • Definitions
    • Determination of Whether Deficiencies in Internal Control Have Been Identified
    • Evaluating Identified Deficiencies in Internal Control
    • Communication of Deficiencies in Internal Control
  • Practice Issues
    • Consideration of COSO framework
    • The Auditor in Relation to the Entity’s System of Internal Control
    • Identifying Internal Control Deficiencies Relating to Potential Misstatements
  • Legal Implications
    • Clear written communication of material weaknesses and significant deficiencies to those charged with governance is an important legal defense
    • Communicate even before the written report; and make a record
    • Include other deficiencies even if not required
    • Make written report as soon as practical
    • Encourage written response
    • Have a meeting about the report and draft memo
    • Focus on failure to remediate

American Institute of Certified Public Accountants
Ahava Goldman
Senior Technical Manager - Audit and Attest Standards
speaker bio »»

Deloitte & Touche LLP
Megan Zietsman
speaker bio »»

Atwood Oceanics, Inc. (NYSE)
Phil D. Wedemeyer
Director; Chairman of Audit Committee; Member of Compensation and Human Resources Committee; Member of Nominating and Corporate Governance Committees
                    speaker bio »»

Duane Morris LLP
Anthony J. Costantini
Partner, Head, Professional Liability Practice
speaker bio »»

Who Should Attend?

- Independent Auditors
- Internal Auditors
- Accountants
- Managers in nonpublic companies, non-profits and government agencies
- Others involved in Internal Control

Why Attend?

This is a must-attend event for anyone interested in Internal Control Deficiencies under SAS 112 & 115.
- New guidance will be explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information:                                                                                                                                    

Please note, the event date is firm although it may be subject to change. Please click here for details.
The Knowledge Group, LLC is producing this event for information purposes only. We do not intend to provide or offer business advice. The contents of this event are based upon the opinions of our speakers. The Knowledge Congress does not warrant their accuracy and completeness. The statements made by them are based on their independent opinions and does not necessarily reflect that of The Knowledge Congress' views. In no event shall The Knowledge Congress be liable to any person or business entity for any special, direct, indirect, punitive, incidental or consequential damages as a result of any information gathered from this webcast.





Internal Control Deficiencies: Assess/Report SAS 112 & 115
LIVE Webcast
Speaker Firms:

In the United States, Deloitte LLP and its subsidiaries have 45,000 professionals with a single focus: serving our clients and helping them solve their toughest problems. We work in four key business areas — audit, financial advisory, tax and consulting — but our real strength comes from combining the talents of those groups to address clients’ needs. Fortune and Business Week consistently rank our organization among the best places to work, which is good news for our talent and our clients alike. When the best people tackle the most compelling challenges, everyone wins.

Atwood Oceanics, Inc. (NYSE)

Event Sponsor


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