Client Memo

Memo To:Clients From:Elizabeth Ellinger, Corbin Matsumoto, Kristina Mercado, Katherine Meyer, and Lori Shaffer Date:7/22/12 Re:SAS 112- Statement of account Standards In May 2006, the AICPA Auditing Stands Board print the SAS-112. In former years there were changes made to the auditing standards that had an center on the auditing surgerys performed on monetary statements. This memo hope respectabley give clarify the requests for the stark naked standards and how it will reckon your business. The term below are specify in SAS-112 and explain how they affect the auditing standards: A manoeuvre deprivation occurs when the design or procedure of a control does non allow management or employees, in the normal bunk of performing their assigned functions, to prevent, or rule misstatements on a timely basis.

A significant lack is a control shortage or a intensify of control shortages that adversely affects the entitys ability to initiate, authorize, record, process or report pecuniary data reliably in ossification with generally legitimate accounting principles such that there is more than than a unlike likelihood that a misstatement of the entitys financial statements more than inconsequent will not be prevented or detected. A substantive weakness is a significant famine or combination of significant deficits that results in more than an stranded chance that a material misstatement of the financial statements will not be prevented or detected. If you have any question the AICPA has resources addressable on their website to include FAQs documents, and summaries if you need more information. You whitethorn also hint our office for qu estions as well.If you want to discover a f! ull essay, order it on our website: OrderEssay.net

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