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Understanding SAS No. 115 — Communicating Control Related Matters Identified in an Audit

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Audit partners Terri McKnight and Jim Larson presented the new Statement of Accounting Standards (SAS No. 115) that communicates internal control related matters identified during an audit. The presentation included important definitions, a review of risk assessment standards, key concepts, deficiencies in design and operation, evaluating deficiencies, communication and responsibility and different scenarios. The discussion also highlighted the following items:

• Distinctions between SAS No. 112 and SAS No. 115
• The primary objective of risk assessment standards (SAS No. 104-111)
• Organizational responsibilities

Ms. McKnight and Mr. Larson presented at the 2010 American Society of Association Executives’ Finance and Business Operations Symposium.