SAS 112 has now been replaced by SAS 115 which redefines “significant deficiency” and “material weakness.” This new standard provides independent auditors with guidelines for evaluating the severity of a deficiency or weakness in internal control. If you are responsible for overseeing your organization's financial reporting, you should know how SAS 115 clarifies written communication between an auditor and a nonprofit organization. Join us as we review definitions, provide examples, and analyze how auditors are applying the new standard.