Internal Control Deficiencies: Assess/Report SAS 112 & 115
Overview:The Auditing Standards Board (ASB) issued the Statement on Auditing Standards (SAS) No. 115 to replace SAS No. 112. It aims to provide auditors of non-public companies with a more effective & reliable set of guidelines to enhance a non-public company's auditor with the ability to assess and verify the firm's financial story. This rule is required for fiscal year financial audits for periods ending on or after December 15, 2009. Both SAS 112 and SAS 115 introduce a number of changes, not to mention new sets of compliance rules. Internal controls, financial reporting & governance executives must be aware of these changes for consistent, accurate, and good governance practices.
Join this LIVE two-hour webcast and hear directly from regulators, legal and financial experts to discuss their substantive viewpoints on this topic. A live interaction with the audience in a question and answer format is also included in this event. Advanced registration is recommended as space is limited. Register early and save! Click the “Register” button below to sign up for this course today.
- Why SAS 112 was issued, in May 2006
- Why SAS 115 was issued to supersede SAS 112 two years later
- ASB Clarity Project
Who Should Attend:
- Independent Auditors
- Internal Auditors
- Managers in nonpublic companies, non-profits and government agencies
- Others involved in Internal Control
Ahava Goldman, CPA is technical manager with the American Institute of Certified Public Accountants (AICPA) Audit and Attest Standards team. She is the staff liaison for the Auditing Standards Board, which sets U.S. auditing standards for private companies, non-profit organizations and governmental entities.
Before joining the Audit and Attest Standards team, she was senior manager on the AICPA’s Examinations team, where she was responsible for the content and development of all sections of the Uniform CPA Examination and provided staff support to senior-level committees and task forces focusing on examination policies, content, and computerization.
Prior to the AICPA, she was a supervisor at DDK & Company, manager at Ernst & Young LLP, and senior accountant at Kipnis & Karchmer. She graduated magna cum laude from Stern College of Yeshiva University with a Bachelor of Science in Accounting
Ahava Goldman, CPA is technical manager with the American Institute of Certified Public Accountants (AICPA) Audit and Attest Standards team. …
Megan Zietsman is a Partner in Deloitte & Touche LLP’s Professional Practice Network, where she has responsibility for leading audit consultations and maintaining policy manuals. Megan develops auditing policies, guidance, and tools in response to changes in professional standards, including standards of the Public Company Accounting Oversight Board (PCAOB) and the American Institute of Certified Public Accountants (AICPA). She consults with and advises audit engagement teams on the application of audit policies and guidance and the applicable professional standards. Megan is a member of the AICPA’s Auditing Standard Board, the senior technical committee of the AICPA designated to issue auditing, attestation, and quality control standards and guidance for use by practitioners performing audit and attest engagements of nonissuers.
During her more than 22 years with Deloitte & Touche in the United States and South Africa, Megan has had a broad range of experience serving clients in audit and various advisory capacities. Prior to her current role, she spent 6 years in the Merger & Acquisition Transaction Services group in New York where she served a number of private equity and corporate acquirer clients.
Megan is a Certified Public Accountant and a Chartered Accountant (South Africa) and holds a Bachelor of Commerce (Honors) Degree in Accounting from Rhodes University (South Africa).
Megan Zietsman is a Partner in Deloitte & Touche LLP’s Professional Practice Network, where she has responsibility for leading audit …
Seasoned accounting executive with 40+ years of client service experience, leadership roles in large professional services and regulatory organizations and public company board of director experience. Industry experience includes oilfield services and manufacturing, environmental services, manufacturing and heavy engineering/construction. Decisive, independent thinker.
• Financial accounting and reporting
• Auditing of financial statements and internal controls over financial reporting
• Development and application of auditing standards ( IAAS, GAAS and PCAOB Standards)
• Risk analysis
• Initial public offerings, security registrations and compliance with SEC rules and regulations
• Mergers and acquisitions
Atwood Oceanics, Inc. (NYSE) October 2011 to date
Director; Chairman of Audit Committee; Member of Compensation and Human Resources Committee; Member of Nominating and Corporate Governance committees.
Grant Thornton LLP August 2007-July 2011
Partner, National Professional Standards Group (Retired)
Responsible for projects intended to enhance audit methodologies, including audit risk analysis, training development and audit policy enhancement. Member of the Grant Thornton Risk Management Committee for the US and the Global Policy Engagement Group of the firm. Supported the U.S. Managing Partner’s participation in the SEC’s Committee on Improvements in Financial Reporting (CIFiR) in 2007-2008. Retired from the partnership on July 31, 2011.
Member, Auditing Standards Board of the AICPA December 2008-Present
This senior committee of the AICPA is responsible for the development and approval of auditing standards for audits of non-public companies, non-profit entities and government entities in the United States. Member of the Audit Issues Task Force, a subcommittee of the ASB charged with identifying emerging audit issues and establishing the agenda of the ASB.
Member, Standards Working Group of the Global Public Policy Committee March 2010-July 2011
This committee consists of representatives of the six global audit networks and is charged with coordinating responses by these networks to changes in professional and legal standards throughout the world.
Public Company Accounting Oversight Board (PCAOB) May 2003-July 2007
Director, Office of Research and Analysis (ORA) August 2005-July 2007
Directed the operations of ORA, which consisted of 18 staff engaged in gathering and assessing information related to business and financial reporting risk of public companies and the effects of regulation on markets for public company securities. Participated in the development of the PCAOB’s strategic plan and governance structure for IT operations. Provided senior staff level review and comment on application of Auditing Standard 2, proposed Auditing Standard 5 and other proposed auditing standards.
Deputy Director, Division of Registration and Inspection March 2004-August 2005
Associate Director, Division of Registration and Inspection November 2003-February 2004
Created and managed a risk analysis function (subsequently merged into ORA) within the Inspections Division. Participated in review and drafting of inspection reports for Big Four audit firms and provided technical consultation and quality control over inspections findings. Developed policies for inspection of smaller firms that resulted in a substantial improvement in inspection efficiency and consistency. Led a team that developed and implemented the first inspections of the effectiveness of audits of internal control over financial reporting.
PCAOB Consultant May-September 2003
As a member of a team of three consultants, developed inspection approaches and related guidance and training for initial inspections of Big 4 firms, including reviews of partner compensation and audits of revenue recognition.
Horizon Offshore, Inc. (NASDAQ) January-December 2003
Director, member of Audit Committee, FCPA Compliance Committee, Bid Review Committee
Powell Electric Manufacturing Company (NASDAQ) June-December 2003
Director, member of Audit Committee
Arthur Andersen, SC June 1971-August 2002
Admitted to partnership 1980
Client service- Managed audits and client relationships in a variety of industries, including oil-field services and manufacturing, environmental services, manufacturing and heavy engineering/construction companies. These clients ranged in size from small businesses to Fortune 500 companies.
Industry and accounting specialization programs- Responsible for Gulf Coast region technical competence in construction and manufacturing industries, business combinations and long-term contract accounting (1999-2002). Coordinated marketing for all service lines (audit, tax and consulting) to local engineering and construction companies (1986-1996). Global responsibility for development of technical expertise and service offerings, coordination between offices and participation in industry activities to enhance the firm’s practice in the construction and engineering industry (1982-1988).
Audit methodology development- Served in Chicago World Headquarters with responsibility for projects researching use of quantitative methods, artificial intelligence and other advanced techniques in the execution of audits. Guided design and implementation of substantial revisions to training curriculum related to computers, sampling and advanced audit techniques. (1983-1986).
U.S. Expert Partner for review of SEC filings by foreign registrants
Various task forces to establish firm-wide training curriculum and evaluate training costs and strategies
Responsible for Houston office audit recruiting at Baylor University
Extensive speaking experience, including annual AICPA SEC Conference, American Accounting Association meetings, American Bar Association and PLI seminars.
Adjunct Professor of Accounting at Rice University (1993-1996)
Member, Hankamer School of Business Advisory Board, Baylor University (1983-1985), President 1985
Chairman, Accounting Department Advisory Council, Baylor University (2002-2003)
EDUCATION AND PROFESSIONAL AFFILIATIONS
Baylor University: BBA in Accounting (1971)
CPA-Texas (License Number 11,814)
Member: AICPA, TSCPA, Houston Society of CPAs, American Finance Association, MENSA
Seasoned accounting executive with 40+ years of client service experience, leadership roles in large professional services and regulatory organizations and …
Anthony J. Costantini concentrates his practice in the areas of professional liability, securities and commercial litigation, and he is the head of the Firm's Professional Liability practice. In addition, he represents clients in alternative dispute resolution, administrative hearings and governmental and professional association investigations. He also has considerable appellate experience, being admitted by eight of the federal appellate circuits.
Mr. Costantini formerly served as associate general counsel to KPMG Peat Marwick and as regional counsel to the United States Commodity Futures Trading Commission.
He is a member of the Professional Liability Committee of the Commercial and Federal Litigation Section of the New York State Bar Association and is also a member of the Commodities and Futures Committee and a former member of the executive committee of the Business Law Section of the same Association. Additionally, he has been a member of the
Accounting and the Law Committee of the American Bar Association and the Litigation Committee of The Association of the Bar of the City of New York, and is presently a member of the Corporation Litigation Counsel Committee of that same Association. He is also a courttrained mediator for the U.S. District Court for the Southern District of New York, and has mediated a number of cases. Recently, he was selected as a public member of the Auditing Standards Board, which sets U.S. auditing standards for the accounting profession.
Mr. Costantini is a 1972 graduate of Columbia University School of Law, where he was a member of the Law Review, and a graduate of the University of Detroit, with an engineering degree.
Anthony J. Costantini concentrates his practice in the areas of professional liability, securities and commercial litigation, and he is the …
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Atwood Oceanics, Inc. (NYSE)
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