March 13, 2023
2023 Auditing Standard Changes That Will Impact Your Audit
Upcoming Changes in Auditing Standards
Johnson Lambert LLP is dedicated to keeping you informed on the impact of upcoming auditing standards. The American Institute of Certified Public Accountants (AICPA) has issued Statements on Auditing Standards (SAS) 143-145, which address estimates, the use of specialists, and the risk assessment process for audits of financial statements for periods ending on or after December 15, 2023.
Background and Overview
Following the release of several auditing standards effective in 2021 (SAS 134-141) which brought significant changes to the auditor’s report, and the release of SAS 142 effective in 2022 related to audit evidence, the AICPA has released further updates applicable to audits of financial statements for periods ending on or after December 15, 2023 as follows:
- SAS 143, Auditing Accounting Estimates and Related Disclosures
- SAS 144, 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 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
The white paper presents the most significant changes in each SAS and outlines how organizations can prepare for them.
If you have any questions about this white paper, contact Melanie Barthel or the Johnson Lambert team.