Webinar: SAS 112 – Does it Make a Difference to Your Campus' Audit?
The AICPA has issued Statement of Auditing Standards (SAS) 112, "Communicating Internal Control Matters Identified in an Audit." External audits of colleges and universities will be conducted under this new standard which significantly impacts the communication requirements and definitions surrounding internal control matters. This webinar focuses on highlights of this new standard.
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Held on: August 15, 2007
Duration: 1 hour
Moderator: Kim Turner, President of ACUA
Presenters:
Kim McCormick, Grant Thornton
Dennis Morrone, Partner, Northeast Not-for-Profit Practices
Internal control continues to be a focus of regulators and auditors. The AICPA has issued Statement of Auditing Standards (SAS) 112, "Communicating Internal Control Matters Identified in an Audit." Beginning with years ending on or after December 15, 2006, external audits of colleges and universities will be conducted under this new standard which significantly impacts the communication requirements and definitions surrounding internal control matters. Audits conducted under Government Auditing Standards and OMB Circular A-133 will also be impacted by these new requirements. Our August 15 webinar will focus on the highlights of this new standard.
Goals of the Session:
- Identify the various SAS 112 strategies being deployed to date;
- Recognize the various ways that institutions can benefit from a more disciplined approach to strengthening the internal control environment;
- Plan for internal involvement with external auditors in regards to SAS 112;
- And understand how SAS 112 may affect the internal audit structure.
Presenters' Bios:
Kimberly McCormick is an Assurance Partner in Grant Thornton’s Greater Bay Area office and the West Region & Greater Bay Area Higher Education and Not-for-Profit Practice Leader. Kim brings more than 20 years of experience working with all types of institutions of education and not-for-profit clients. In addition, Kim also serves as the not-for-profit industry resource Partner for Grant Thornton’s National Professional Standards Group. Her attention is fully dedicated to not-for-profits and educational institutions, serving over 20 such organizations.
With more than two decades of experience working in-depth with the not-for-profit sector, Kim understands the issues that affect and drive not-for-profit and higher education institutions. Kim’s expertise includes accounting, auditing and financial issues, management and business operations, governance and board issues, regulatory and legislative matters, and marketplace trends and analysis. Kim works with many clients requiring OMB Circular A-133 audits. She speaks at many seminars in the Bay Area, most recently focusing on the implications of Sarbanes Oxley for institutions of higher education. In 2004, 2005, and 2006, she served on the planning committee for the California Society of CPAs Foundation Not-for-Profit Industry Conference.
Dennis Morrone is a partner in Grant Thornton's Northeast Higher Education and Not-For-Profit Practices. Prior to joining Grant Thornton LLP in May of 2002, Dennis was previously part of Arthur Andersen’s Metro New York Higher Education and Not-For-Profit Practices.
Dennis has served a variety of higher education and not-for-profit clients, including Seton Hall University, Ithaca College, Skidmore College, Georgian Court University, The College of New Jersey, The American Museum of Natural History, the Doris Duke Charitable Foundation, the Institute of International Education (IIE), the William S. Paley Foundation, the American Bible Society, Securities Investor Protection Corp. (SIPC), Merck Institute for Science Education, the Gerry Foundation, the William S. Paley Foundation, the Phoenix House Foundation, Inc. and Affiliates, Covenant House – New Jersey, and The Bond Market Association, among others.
Dennis received his B.S. degree, cum laude, in Accounting from Villanova University. He is a Certified Public Accountant in New Jersey, New York and the District of Columbia and a member of the American Institute of Certified Public Accountants, the New Jersey Society of Certified Public Accountants and the New York State Society of Certified Public Accountants. Dennis is active in various professional organizations dedicated to Single Audit issues.
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