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As a non-profit professional, you need to be aware of the potential impact of SAS 112 on your organization. Depending on your circumstances, a SAS 112 report may not be included in your auditor's opinion; however, it may still be requested by potential grantors, contributors, bankers or trustees, which may dramatically effect your organization's ability to generate support, secure loans, arrange insurance and/or attract Board members. Points of interest that relate to SAS 112 include:
* You don't have to have experienced a fraud or issued an erroneous financial statement to be issued a SAS 112 report with material weaknesses.
* You may have never received a written document regarding weaknesses in the past in order to receive one now.
* You can avoid a SAS 112 report if you take the proper steps now.
For a more detailed white paper prepared by Our Accounting Service, please email us at john@ouraccountingservice.com.
