External confirmations are changing, and SAS No. 150 affects much more than confirming cash. This practical auditing update examines the standard’s new requirements, implementation challenges, and key areas where audit teams may need to reassess long-standing practices before the standard becomes effective. Those in industry may benefit by gaining perspective to prepare for questions auditors may be asking.
Course ID: NCSSAS
New Confirmation Standard (SAS 150)
Learning Objectives
Upon completion of this course, participants will be able to:
- Recognize how to apply SAS No. 150 to determine when external confirmation procedures are required.
- Recall how to evaluate the use of direct access and intermediaries
- Identify documentation considerations when exceptions to confirmation requirements are applied.
Major Topics
- New cash confirmation requirements
- New accounts receivable confirmation requirements
- Direct access to knowledgeable external sources
- Intermediaries and reliability considerations
- Negative confirmations
- Practical implementation considerations
Who Should Attend
Auditors and also those in industry who interact with auditors.
Fields of Study
AuditingPrerequisites
None