In July 2026, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) 150, External Confirmations, which amends various sections of the auditing professional literature, mainly the guidance in AU-C 505, External Confirmations.
HIGHLIGHTS
SAS 150 becomes effective for audits of financial statements for periods ending on or after Dec. 15, 2028.
Early adoption is possible.
SAS No. 150 amends:
SAS No. 122, Statement on Auditing Standards: Clarification and Recodification (AU-C section 330, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained; and AU-C section 505, External Confirmations)
SAS No. 142, Audit Evidence
Various other SASs and other sections in SAS No. 122PREREQUISITES
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ADVANCE PREPARATION
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