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SAS 144 Changes and How This Could Impact You

Minneapolis, MN | April 29, 2024 | By: HedgeStar Marketing

SAS 144 Changes

Standards Update (SAS 144)

SAS 144, issued by the AICPA in 2021, impacts the auditor's responsibilities. This standard strives to improve the consistency and transparency of auditor reporting regarding uncertainties. This amendment was made effective for financial statement audits with periods ending on or after December 15, 2023.

What was changed with this standard?

The key items that changed are AU-C sections 501, 540, and 620. AU-C Section 501 was created to help auditors address specific considerations in order to obtain appropriate audit evidence. These considerations relate primarily to the use of a management’s specialist. The amendment to AU-C Section 501 requires auditors to further consider management’s influence over the specialists the organization employs.


According to the AICPA the amendment to AU-C section 540 adds “guidance on the use of pricing information obtained from external information sources to be used as audit evidence for estimates related to the fair value of financial instruments.” AU-C section 540 enhances guidance on complying with AU-C section 500 regarding information that is used as audit evidence relating to accounting estimates, without regard to the sources of information.


The amendments in AU-C Section 620 apply to various application paragraphs that improve the guidance related to the use of an auditor’s specialists work.


Take a look at the Statement on Auditing Standards 144 for the full amendment created by the AICPA: AICPA Statement on Auditing Standards No. 144.


The AICPA’s summary of the amendments can be found here


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