Meeting Topic: SAS 128: Using the Work of Internal Auditors
As a result of its Clarity Project, the Auditing Standards Board (ASB) has issued Statement on Auditing Standards (SAS) No. 128, Using the Work of Internal Auditors, in February 2014 to:
- supersede SAS No. 65, The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements (AICPA, Professional Standards, AU sec. 322 and AU-C sec. 610), and amend:
- SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, section 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (AICPA, Professional Standards, AU-C sec. 315);
- Various other sections in SAS No. 122 (AICPA, Professional Standards, AU-C secs. 200, 220, 230, 240, 260, 265, 300, 402, 500, 550, and 600); and Statement on Quality Control Standards No. 8, A Firm’s System of Quality Control (Redrafted) (AICPA, Professional Standards, QC sec. 10).
SAS No. 128 addresses the external auditor’s responsibilities when using the work of internal auditors if it includes (a) using the work of the internal audit function in obtaining audit evidence and (b) using internal auditors to provide direct assistance under the direction, supervision, and review of the external auditor.
SAS No. 128 is effective for audits of financial statements for periods ending on or after December 15, 2014.
Please join Jake Wolffis and Anna Kraai of BDO USA, LLP as they discuss the changes related to this SAS and share their first hand experiences of working with Internal Audit.
Jake Wolffis is an Assurance Manager at BDO, specializing in serving the manufacturing, insurance, and service industries. His six years of experience at BDO include auditing both publicly held and privately owned companies throughout Michigan and the U.S. He has worked directly with internal audit departments on several audits utilizing them to provide direct assistance.
Anna Kraai is an Assurance Senior Associate with four years of experience serving publicly and privately held companies, with a focus on auditing financial institutions and manufacturing companies. Her experience includes being the in-charge auditor for several public banks and a public manufacturing company. Anna also works with several privately-owned manufacturing companies.
7:30 AM - 8:00 AM - Registration & Breakfast
8:00 AM - 9:30 AM - Presentation and Q&A
The registration deadline is Tuesday, May 6th. To register, click the register button below or email the chapter Secretary, Daisha Ngo (Daisha.Ngo@gmail.com
) with your name, company you are with, and member number (if applicable).
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