The AICPA has issued a proposed Statement on Auditing Standards (SAS), Audit Evidence.
The proposed SAS is intended to address “the evolving nature of business and audit services and issues that have arisen during the standard-setting activities of the [Auditing Standards Board, including] use of emerging technologies by both preparers and auditors, audit data analytics (ADA), the application of professional skepticism, the expanding use of external information sources as audit evidence, and more broadly, the accuracy, completeness, and reliability of audit evidence.”
If finalized, the proposed SAS would supersede Section 500, Audit Evidence, of SAS 122, Statements on Auditing Standards: Clarification and Recodification, as amended.
Comments on the proposed SAS are due by September 18, 2019. For more information, see the proposed SAS on the AICPA’s Web site.