Accounting Services & Controls will be holding additional Town Hall
meetings to discuss the new Statement of Auditing Standards (SAS 112).
This new auditing standard changes the approach our external auditors take
for reviewing the UC financial statements and significantly lowers the
threshold for potential audit findings.

While previous external audits have evaluated our financial statements for
both reasonableness and accuracy, future audits will also focus on a review
of the internal controls in place at both the campus and the department
level.  It is not enough for the campus to have accurate statements, we are
now being held to a higher standard that includes whether or not we have
the controls in place to prevent any material misstatements in our
financial statements.

Accounting and other central departments have been working on documenting
our key controls for the campus and we will discuss how departments will be
impacted by the new standard.  We encourage you to attend a Town Hall
meeting and understand how the way your department does business will
directly affect the UC financial statements.

Dates of the Town Hall Meetings are below:

Wednesday, 10/17 from 2-3:00 pm

Tuesday, 11/6, from 10 -- 11 am

Tuesday, 11/27, from 9-10 am

All meetings will be held in the UCEN Harbor Room and refreshments will be
provided.

Please RSVP on the Class Registration System at
https://accounting.ucsb.edu/register.  If you have any question, please see
the SAS 112 website at:

http://www.controller.ucsb.edu/ResourcesandPresentations/SAS112/ or you may
contact either Jim Corkill, Controller, x5882 or Sandra Featherson,
Associate Director of Controls at x7667.