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August 28th release notes
What's new
- Enhanced practical guidance. This edition of yourPractice Aidsprovides enhanced practical guidance to aid in your risk assessment process performed following the requirements of SAS No. 145,Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. This edition builds upon the guidance provided last year to identify significant classes of transactions, account balances, or disclosures as well as understand the entity’s system of internal control under SAS No. 145, and incorporates additional guidance based on feedback from practitioners implementing SAS No. 145.
- Recent Developments. This edition of thePractice Aidsprovides practical considerations for SAS No. 149,Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors), which is effective for audits of group financial statements for periods ending on or after December 15, 2026. Based on the effective date, this edition of thePractice Aidsdoes not fully incorporate the standard. In addition, the FASB has issued several ASUs since the last edition of yourPractice Aids. YourPractice Aidsprovide an overview of changes being issued by the FASB to keep you knowledgeable about the latest accounting changes needed to serve your clients.
- Focus on audit quality. Improving audit quality continues to be of interest to standard setters and practitioners. Recent auditing standards, such as SAS No. 145 and SAS No. 143,Auditing Accounting Estimates and Related Disclosures, place particular focus on executing quality audit procedures through all phases of the audit to perform an audit that appropriately assesses and addresses the risks of material misstatement. YourPractice Aidsequip you with the best available practical guidance and tools to comply with relevant standards.
- Comprehensive, Up-to-date Disclosure Checklists. The most effective way to ensure that required information is disclosed in the financial statements you audit is to use our comprehensive disclosure checklists. The disclosure checklists have been thoroughly updated to provide you the most current and comprehensive tools to help you ensure the financial statements you audit comply with authoritative pronouncements.
This article applies to:
- PRODUCT: Guided Assurance