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Sas 112

Slide 1

- Evaluating control deficiencies is an important part of an audit and one of the unconditional requirements is that the auditor must evaluate identified control deficiencies to determine whether they are SD or MW.
- Individually and in Combo
- Significance - Depends on potential for misstatement and not whether or not it actually occurred.
- Absence of an identified misstatement does not provide evidence that identified control deficiencies are not SD or MW.

Slide 2


- When evaluating CD the auditor ?should? consider the likelihood and magnitude of misstatement. For SD or MW

Slide 3

- There are several factors that may affect the likelihood that a CONTROL could FAIL to prevent or detect a misstatement.
- One such factor is THE NATURE OF FS ACCTS, DISCLOSURES, AND ASSERTIONS INVOLVED. FOR EXAMPLE-suspense accts and related party transactions involve greater risks.
- The susceptibility of the related assets or liabilities to fraud or loss.
- The......


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Approximate Word Count: 553
Approximate Pages: 3 (250 words per double-spaced page)

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