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NAA2115 - NAA2115. Audit Evidence (SAS 142) & Sampling

‐ Jul 27, 2021 2:45pm

In July 2020, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 142, Audit Evidence. SAS No. 142 supersedes AU-C section 500, Audit Evidence and amends various other sections of SAS 122, Statements on Auditing Standards: Clarification and Recodification, as amended.  SAS No. 142 explains what constitutes audit evidence in an audit of financial statements and sets out attributes of information that are taken into account by the auditor when evaluating information to be used as audit evidence.

We will discuss what has changed with the new auditing standard focusing on:
• Expanded guidance on evaluating whether sufficient appropriate audit evidence that has been obtained
• Automated tools and techniques
• Professional skepticism
• Management specialists

We will discuss what this means for your practice, how common misunderstandings of current standards are leading to more and more peer review findings, and how the new standard may lead to more challenges going forward.

We will also discuss how the new standard can be applied in a COVID-19 type environment.

Learning Objectives:

  • Determine the forthcoming changes from the Standard and what they mean for your practice.
  • Identify common misunderstandings in applying AU-C 500 today and tomorrow.
  • Discover how automated tools and techniques can impact audit sampling.




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