SAS 115
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You are a junior accountant at a small accounting firm. A partner of the firm has asked you to communicate the new Statement of Accounting Standards (SAS 115) regulationâ?"rules auditors have to followâ?"to certain groups and to explain how this change would affect these groups. The partner has asked you to create and submit a package of materials that includes the following components:
Research SAS 115 on accounting auditors from the American Institute of CPAs (AICPA) website
http://www.aicpa.org/Research/Standards/AuditAttest/Pages/SAS.aspx#SAS111
Write a memo to your supervisor in the conclusion to your report, describing the challenges of communicating accounting changes effectively with different groups that would be affected by that change. What problems may occur from poor communication?
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Step 1
Format of the header of data:
TO: Supervisor, Small Accounting Firm;
FROM: Junior Accountant,
DATE: January, 12, 2012.
SUBJECT: Challenges of communication in Changes brought about by SAS 115.
Step 2
Introduction:
There are certain changes that SAS 115 brings by superseding SAS 112. This standard changes definitions of material weaknesses and significant deficiencies so that they are aligned with PCAOB Standard 5. It is necessary to communicate the changes to the management of our clients and those responsible for corporate governance.
Step 3
Main Body:
The new definition of material weakness recognizes that "reasonable ...
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