SAS 146-149: Recently Issued Auditing Standards (2 hrs)

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Course Description

SAS 146-149: Recently Issued Auditing Standards

Recently issued auditing standards (SAS 146-149) CPE course addresses the new auditor reporting standards issued by the Auditing Standards Board as SAS No. 146-149.

The first section reviews the requirements found in SAS No. 146 related to quality management of an audit engagement. This section identifies the key elements of quality management, the important role and responsibilities of the engagement partner in managing the audit, the importance of quality to all members of the audit engagement team.

Section two informs the reader of the various changes made to AU-C 210, Terms of Engagement, by SAS No. 147 in connection with fraud and noncompliance with laws and regulations. Topics including clarifying requirements and guidance related to a successor auditor’s inquiries of a predecessor auditor, responsibilities of the predecessor auditor to respond to successor auditor inquiries when authorized by management, and more.

Section three discusses amendments made to AU-C 935, Compliance Audits, by SAS No. 148, to reflect changes made by recently issued auditing standards SAS No. 142 and 145. Topics include identifying the specific amendments made to AU-C 935 that are part of AU-C 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. The course also identifies amendments to the appendix to AU-C 935 that identifies AU-C sections that are specific excluded from application to compliance audits.

Finally, SAS No. 149 addresses special considerations that apply to a group audit, including in circumstances in which component auditors are involved or when the group auditor makes reference to the audit of a referred-to auditor.

Course information

Course No. F181
Format: Online pdf (66 pages).
Prerequisites: General understanding of U.S. auditing standards
Advance Preparation:None
Level: Overview
CPE Credit: 2 Hrs.
Field of Study: Auditing/Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: February 2024


Upon completion of this course, you will be able to:

SAS No. 146

  • Recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled
  • Identify certain requirements an engagement partner must satisfy in performing an audit engagement
  • Identify a type of unconscious bias defined in SAS No. 146

SAS No. 147

  • Identify when a successor auditor should request management to authorize a predecessor auditor’s response to the successor auditor’s inquiry
  • Recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147
  • Recall the extent of a predecessor auditor’s response to a successor auditor’s inquiries when there are certain restrictions on the predecessor auditor.

SAS No. 148 and SAS No. 149

  • Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits.
  • Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit.
  • Identify the party required to take overall responsibility for the quality on a group audit engagement in accordance with SAS No. 149.

Course Content

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SAS 146-149: Recently Issued Auditing Standards INSTRUCTIONS & TEXT
SAS 146-149: Recently Issued Auditing Standards FINAL EXAM
Course Evaluation

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