The audit and assurance landscape is evolving, driven by demands for higher quality and greater accountability. Recent updates to engagement standards—specifically SAS No. 146, SSARS No. 26, and SSAE No. 23—reflect this evolution. For audit and accounting professionals, understanding these changes isn’t just about compliance; it’s about adding value, ensuring quality, and sustaining trust.
What are these standards?
SAS No. 146: Quality Management for an engagement conducted in accordance with Generally Accepted Auditing Standards
- SAS 146 is the new standard for engagement-level quality management. It replaces the quality control sections in previous standards, aligning more closely with the new firm-level quality management requirements.
- It clarifies the responsibilities of engagement partners and teams, emphasizing the role of the engagement partner in achieving audit quality and the importance of the engagement partner being sufficiently and appropriately involved throughout the audit.
To dig deeper, visit the original article on the Thomson Reuters blog.