SAS 149 New Group Audits Standard

On March 07, the AICPA’s Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) 149, Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors). The full text of SAS 149 can be found here. SAS 149 introduces a risk-based approach to planning and performing a group audit. The existing literature on group audits in AU-C 600, Special Considerations — Audits of Group Financial Statements (Including the Work of Component