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SAS 115 Week 2 Essay

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This memorandum highlights significant portions of Statement on Auditing Standards (SAS) No. 115 Communication of Internal Control Related Matters Identified in an Audit and answers some questions frequently asked by accountants about SAS 115 ("The American Institute Of Certified Public Accountants", 2015).
SAS 115 Highlights
Here are some highlights of SAS 115. Applicability (SAS 115, 2015, para. 01). Definitions. A material weakness (SAS 115, 2015, para. 06). A significant deficiency (SAS 115, 2015, para. 07). Evaluating Deficiencies (SAS 115, 2015, para. 08). Reporting deficiencies found by the audit to the client 's management, in writing (SAS 115, 2015, para. 17). Effective Date. December 15, 2009 (SAS 115, 2015, para. 28). Exhibit A is …show more content…

What does SAS No. 115 change? The key changes from SAS No. 112 to SAS No. 115 are the definitions of material weaknesses and significant deficiencies. What are significant deficiency and material weakness? The definition change of material weakness acknowledges that a reasonable possibility exists. A significant deficiency gives the auditor the ability to use more professional judgment to decide if a deficiency is significant enough to make the client 's management aware of it. What communications changes are required by SAS No. 115? Should an auditor say in the written report that there were no significant deficiencies were found? No, do not include such a statement. What additional client services may result from applying this standard? SAS No. 115 opens the door to additional opportunities to provide more accounting services to your clients which are not directly related to the audit. What are the benefits of SAS No. 115 for clients? Client will better understand their internal control weaknesses and reduces the risks of financial misstatement and deters fraud. What client services may be lost due to SAS 115? SAS 115 does not affect which services an auditor can provide to the client.

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