The AICPA’s Auditing Standards Board has issued Statements on Auditing Standards (SASs): No. 141 through No. 149. Traditionally, SASs are not something the general public needs to understand. However, these SASs require broader understanding because they introduce meaningful changes to audit* timing, planning, execution, quality management, and acceptance considerations that affect entities issuing financial statements and those charged with governance.

Summary of SASs

The following is a quick summary of what you need to known about these SASs:

SAS No. 141
SAS No. 141 amended the effective dates of SAS Nos. 134 through 140 in response to the COVID‑19 pandemic. The standard deferred the effective date of these SASs by one year (from December 15, 2020 to December 15, 2021) to provide audit firms with additional time to implement these SASs. SAS No. 141 also lifted the prohibition on early implementation and recommended that these interrelated standards be implemented concurrently.

SAS No. 142
SAS No. 142 strengthened the auditor’s responsibilities related to audit evidence. The standard emphasizes the need for auditors to evaluate the relevance and reliability of information used as audit evidence, particularly information obtained from external sources. Auditors are required to address inconsistencies or contradictions in audit evidence and apply heightened professional skepticism when evidence is obtained indirectly.

SAS No. 143
SAS No. 143 enhanced the auditor’s responsibilities related to accounting estimates and related disclosures. The standard increases focus on the complexity and subjectivity of estimates, including estimation uncertainty and potential management bias. Auditors are required to more explicitly evaluate the reasonableness of assumptions, methods, and underlying data used in developing estimates, as well as the adequacy of related disclosures.

SAS No. 144
SAS No. 144 amended multiple AU‑C sections to strengthen requirements related to using the work of specialists and evaluating pricing information obtained from external information sources. The standard requires auditors to better understand the competence, capabilities, and objectivity of specialists and to more carefully evaluate the relevance and reliability of pricing information supporting significant estimates.

SAS No. 145
SAS No. 145 replaced AU‑C Section 315 and significantly revised the auditor’s risk assessment process. Key changes include separate assessments of inherent risk and control risk, a revised definition of significant risk, and clarification that an assertion is relevant only if it has an identified risk of material misstatement. The standard strengthens the linkage between risk assessment and audit response and significantly affects audit planning and documentation.

SAS No. 146
SAS No. 146 replaced AU‑C Section 220 and aligned engagement‑level requirements with the AICPA’s quality management standards. The standard places explicit responsibility on the engagement partner for engagement quality, ethical compliance, supervision, review, documentation, and the exercise of professional judgment and skepticism. SAS No. 146 represents a shift from traditional quality control to a risk‑based quality management approach at the engagement level.

SAS No. 147
SAS No. 147 amended AU‑C Section 210, Terms of Engagement, to enhance procedures related to acceptance of an initial audit engagement. Once management authorizes the predecessor auditor to respond, the auditor is required to inquire specifically about identified or suspected fraud and noncompliance with laws and regulations that are more than clearly inconsequential. These inquiries assist the auditor in determining whether to accept the engagement.

SAS No. 148
SAS No. 148 amended AU‑C Section 935, Compliance Audits, to incorporate conforming changes resulting from SAS No. 142 and SAS No. 145. The amendments clarify how updated audit evidence and risk assessment standards apply in a compliance audit environment, such as Single Audits. SAS No. 148 does not introduce new compliance requirements for entities.

SAS No. 149
SAS No. 149 superseded AU‑C Section 600 and substantially revised the auditing standard for audits of group financial statements. The standard introduces a risk‑based approach to planning and performing group audits, replacing the prior focus on identifying significant components. SAS No. 149 emphasizes improved communication with component auditors, evaluation of aggregation risk, increased focus on the consolidation process, and enhanced supervision and documentation responsibilities for group auditors.

Effective Dates

SAS No. 141: Effective upon issuance

SAS No. 142: Periods ending on or after December 15, 2022

SAS No. 143: Periods ending on or after December 15, 2023

SAS No. 144: Periods ending on or after December 15, 2023

SAS No. 145: Periods ending on or after December 15, 2023

SAS No. 146: Periods beginning on or after December 15, 2025

SAS No. 147: Periods beginning on or after June 30, 2023

SAS No. 148: Effective in alignment with SAS Nos. 142 and 145

SAS No. 149: Periods ending on or after December 15, 2026

Preparing for the Changes

Although several of these standards are already effective, others continue to shape audits in 2026 and beyond. Understanding how the changes affect audit planning, risk assessment, evidence, quality management, and group audits can help organizations anticipate what may be expected during the audit process.

Contact your CRI advisor to discuss how SAS Nos. 141 through 149 may affect your organization’s audit and what steps you can take to prepare.