New stanDard addresses investments, specialist matters
The guiDance is included in Statement on Auditing Standards (SAS) No. 144, 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. 144 amends SAS No. 122, as amended, Sections 501 and 620, and SAS No. 143, Auditing accounting ESTImates and Related Disclosures.
SAS No. 144:
“The new stanDard provides that, with a particular focus on the use of pricing services,” Burns said in a news release. “We’ve also taken the opportunity to modernize our stanDards related to the use of specialists by management and auditors, which is becoming more common due to the continued complexity of toDay’s financial reporting.”
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.