SAS 112: Are You Ready?

2015 Vendor Risk Management Survey Header
SAS 112: Are You Ready?

A longstanding point of view in the governance space is that boards of directors are required to provide the guidance and oversight necessary to hold management accountable for an effective system of internal control. Executive directors (EDs) have ultimate responsibility and ownership for the system of internal control The ED, more than anyone else, sets the proper “tone at the top” by providing leadership and direction to other members of management. Directors of finance and administration are charged with putting the appropriate financial controls in place.

External financial statement auditors are required to evaluate all internal control deficiencies they find during the course of their work, and report to the audit committee (or other designated governing body) any deficiencies deemed to be significant or a material weakness under the new Statement on Auditing Standard (SAS) 112.

 

Ready to work with us?