AICPA Issues Proposed SAS on the Auditor’s Use of Specialists

The AICPA has issued a proposed Statement on Auditing Standards (SAS), Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources.

The proposed SAS would (1) “provide guidance on applying SAS No. 143 when management has used the work of a specialist in making accounting estimates,” (2) “provide 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,” and (3) “enhance the guidance related to using the work of an auditor’s specialist.”

Comments on the proposed SAS are due by February 4, 2021.