While the reporting suite was a very large undertaking for the Auditing Standards Board, they did not rest on their laurels. Immediately following the completion of the audit reporting suite, they finalized two major standards. SAS 142 addresses the concept of audit evidence and how technology both for the auditor and auditee is changing how we determine what is sufficient appropriate evidence. In SAS 142, the ASB updates the procedures related to auditing estimates. With the issuance of leases, revenue recognition and a host of principles based accounting standards, the growth in estimates has lead the ASB to address this common deficiency area.
Understand the basics of these changes so you can plan your upcoming audits to meet the standards