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. The ISSB encourages companies and investors to continue to support and use the SASB Standards until they are replaced by IFRS Sustainability Disclosure Standards.Recently Issued Auditing and Attestation Standards: Information and Resources SASB Standards play an important role in the Climate-related Disclosures Exposure Draft and the General Requirements for Sustainability-related Disclosures Exposure Draft. The ISSB has committed to building on the industry-based SASB Standards and adopting SASB’s industry-based approach to standards development 1. Global investors recognise SASB Standards as essential requirements for companies seeking to make consistent and comparable sustainability disclosures. oversight and approval from the independent SASB Standards Board.broad and balanced participation from companies, investors and subject-matter experts and.The Standards were developed using a rigorous and transparent standard-setting process that included: SASB Standards identify the subset of environmental, social and governance issues most relevant to financial performance and enterprise value for 77 industries. In August 2022, the IFRS Foundation assumed responsibility for SASB Standards when it merged with the Value Reporting Foundation (VRF), the global nonprofit that previously maintained these Standards. SASB Standards enable organisations to provide industry-based sustainability disclosures about risks and opportunities that affect enterprise value. The ISSB is committed to building on the work of existing investor-focused reporting initiatives-such as SASB Standards-to deliver a global baseline for sustainability disclosures to the capital markets. The IFRS Foundation Trustees created the International Sustainability Standards Board (ISSB) to respond to an urgent demand for transparent financial-related sustainability disclosures by companies.
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