A new standard on audit evidence issued Thursday, July 9, by the AICPA Auditing Standards Board (ASB) modernizes private company auditing standards by recognizing the critical value technology and information bring in today's audit procedures.
Statement on Auditing Standards (SAS) No. 142 addresses issues that have arisen since the issuance of AU-C Section 500 almost a decade ago. SAS No. 142 addresses emerging technologies used by preparers and auditors, the application of professional skepticism and more.
SAS No. 142 takes effect for audits of financial statements for periods ending on or after Dec. 15, 2022.