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February 2009 » Applying SAB 108
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Thomas R. Craig, PhD, CPA
One of the most critical phases of an audit is the evaluation of audit findings and the related actions taken by management and the auditor in response to those findings. SEC Staff Accounting Bulletin (SAB) 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, issued in 2006, resolved a long-standing debate as to the proper treatment of misstatements in a company's opening balance sheet that affect current period results of operations. Essentially, SAB 108 mandates a dual approach in quantifying the effect of unadjusted differences in opening and closing balances and requires corrections to the financial statements when either of the two approaches indicates a material misstatement.
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