Identifying and Communicating Internal Control Deficiencies Under SAS 112 (CL4ICDAR)

Date: 6/17/2008
Mandan Seven Seas
Time: 8:00 AM - 11:30 AM (Please verify this time on your confirmation.)
4 CPE Hours
$125 Member
$155 Nonmember
Add $25 after 6/3/2008
Instructor: Terrie Thamer

SAS 112 supersedes SAS 60 (Communicating IC Matters) and "raises the bar" by adopting PCAOB concepts and mandating a structured process for evaluating those deficiencies in internal control identified during the audit. There is much confusion over what SAS 112 does and does not do. The new standard requires auditors of non-public companies to deliver, within 60 days of the report release-date, a written report to management and others in governance describing significant deficiencies and material weaknesses identified during the audit. SAS 112, combined with the requirements in the recently issued risk assessment standards, is sure to increase the quantity and type of control deficiencies that must be communicated to management. It will require significant judgment from the audit manager or partner in every audit. Are you ready?

Upon completion of this course, participants will be able to:

• Identify situations in non-public entities when a control deficiency exists
• Distinguish between the various types of control deficiencies
• Determine how compensating controls can mitigate a control deficiency
• Learn how and when to report control deficiencies
• Suggest improvement in client’s internal controls within ET 101-3

Major Topics:

• Control deficiencies reportable under SAS 112
• Use of COSO framework in assessing control deficiencies
• Assessment of compensating controls

Designed For: Independent auditors and managers and internal auditors in nonpublic companies, non-profits, and government agencies
Level: Intermediate
Developer: AICPA
Prerequisite: Experience with accounting processes and internal control. Familiarity with COSO Internal Control framework is helpful

About the Speaker:
Teresa D. Thamer, CPA, CFE
Teresa D. Thamer (Terrie) is an Associate Professor at Brenau University and has been a faculty member at several other universities, teaching undergraduate and graduate financial and managerial accounting classes. In addition, Terrie has worked in both public accounting and industry for more than twenty-five years, specializing in small business accounting issues, budgeting, costing, management reporting and personnel training. Her industry specialties are construction, and manufacturing. She continues to consult with companies and is a technical reviewer for the Georgia Society of CPAs’ Peer Review Committee. Terrie is a Past National President of American Woman’s Society of CPAs, and Past Present of the Florida Association of Accounting Educators and the President of the Georgia Association of Accounting Educators. She is a past president of the Northeast Georgia Chapter of the Georgia Society of CPAs and serves on several committees with the Society. She holds an active CPA license in both Florida and Georgia as well as the Certified Fraud Examiner designation.