![]() 145 At a Glance summary documentĪmendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources (SAS No. 145 becomes effective for audits of financial statements for periods ending on or after December 15, 2023. Click here to register for an upcoming webcast about this standard. Finally, the SAS revises the definition of significant risks, includes new guidance on maintaining professional skepticism, and includes a new “stand-back” requirement intended to drive an evaluation of the completeness of the identification of significant classes of transactions, account balances, and disclosures by the auditor. The SAS also includes extensive guidance regarding the use of information technology (IT) and the consideration of IT general controls. 145 enhances the requirements and guidance on identifying and assessing the risks of material misstatement, in particular the areas of understanding the entity’s system of internal control and assessing control risk. Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (SAS No. Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements (SAS No.Omnibus Statement on Auditing Standards-2019 (SAS No.Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (SAS No.The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports (SAS No.Amendments to the Description of the Concept of Materiality (SAS No.Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No.Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes From SAS Nos.Amendment to the Effective Dates of SAS Nos.134 Codification of GAAS Available Through 2021 Auditing Accounting Estimates and Related Disclosures (SAS No.Direct Examination Engagements (SSAE No.Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources (SAS No.Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (SAS No. ![]() Check back often to find the latest resources. To set you up for success, we gathered all the AICPA’s valuable resources and information on these new auditing standards in one place. Standards are changing to keep up with today’s business environment. ![]() This is an exciting time in the auditing and attestation space. Recently Issued Auditing and Attestation Standards: Information and Resources ![]()
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