SAS No. 115 places significant responsibilities on the auditors of
nonpublic companies to communicate internal control deficiencies
identified in an audit. SAS No. 115, combined with the requirements in
the recently effective Risk Assessment Standards, will likely increase
the quantity and variety of control deficiencies required to be
communicated to management and those charged with governance D not just
in the initial year of discovery, but in each subsequent year until the
deficiency is remediated. Focus on compliance with the standards’
requirements by examining each stage of the decision-making framework
and review numerous illustrations and practice exercises. The course can
help managers of nonpublic companies decide whether a control deficiency
exists and how to correct it.