New stanrd addresses investments, specialist matters

The AI Auditing Stanrds Board issued a stanrd Tuesy that provides guince on the use of specialists and pricing information obtained from external information sources.

The guince is included in Statement on Auditing Standards (SAS) No. 144, Amendments to AU-C Sections 50, 540, and 60 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources. SAS No. 44 amends SAS No. , as amended, Sections 50 and 60, and SAS No. 43, Auditing Emates and Related Disclosures.

SAS No. 44:

AI Chief Auditor Jennifer Burns, , s the stanrd responds to feed that sought more guince on auditing the fair value of financial instruments.

“The new stanrd provides that, with a particular focus on the use of pricing seices,” Burns s in a news release. “We’ve also taken the opportunity to modernize our stanrds related to the use of specialists by management and auditors, which is becoming more common due to the continued complexity of toy’s financial reporting.”

SAS No. 44 takes effect for audits of financial statements for periods ending on or after Dec. 5, 03.

Ken Tysiac ( is the JofA’s editorial director.


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