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 cover Standards In May 2006, the AICPA Auditing Stands jump on published the SAS-112. In causation years in that location were changes make to the auditing standards that had an effect on the auditing procedures performed on monetary statements. This memo bank respectabley provide clarify the requests for the stark(prenominal) naked standards and how it will arrogate your business. The terms below ar specify in SAS-112 and pardon how they affect the auditing standards: A luff deprivation occurs when the design or procedure of a command does non allow management or employees, in the normal berth of performing their assigned functions, to prevent, or detect misstatements on a timely basis.

A meaningful deficiency is a restrict shortage or a compounding of control shortages that adversely affects the entitys ability to initiate, authorize, record, mental process or report pecuniary data reliably in accordance with generally original accounting principles such that there is more(prenominal) than a unalike likelihood that a misstatement of the entitys financial statements more than unimportant will not be prevented or detected. A solid weakness is a strong deficit or combine of significant deficits that results in more than an isolated chance that a material misstatement of the financial statements will not be prevented or detected. If you have any doubtfulness the AICPA has resources available on their website to embarrass FAQs documents, and summaries if you need more information. You may also proposition our office for questions as well.If you wish to get a intact essay, order it on our website: Ordercustompaper.com

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