Genuine Learning Blog: SAS 149

| , ,

Do you agree with the changes to group audits?

AICPA Statement on Auditing Standards No. 149 | Resources | AICPA

The AICPA has issued SAS 149, Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors), which supersedes extant AU-C 600. The new standard differentiates between a newly created term “referred-to auditors” (not part of the engagement team) and an updated term “component auditors” (part of the engagement team). It also moves towards a principles based approach for deciding the proper audit response. The SAS is effective for audits of group financial statements for periods ending on or after December 15, 2026.

SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members.

With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.

S.176 Passed! What Does That Mean?

During the first half of the 2025-26 legislative session, SCACPA championed Senate Bill 176 to update Title 40 Chapter 2. This legislation strengthens the profession, enhances public trust, and keeps ...
READ MORE

Career Opportunity – Director of Self-Insurance: South Carolina Workers’ Compensation Commission

Job Responsibilities As part of the South Carolina Workers’ Compensation Commission’s mission to provide an equitable and timely system of benefits to injured workers and employers in the most responsive, ...
READ MORE

Genuine Learning Blog: Private Equity & the Profession: PEEC’s Proposed Independence Guidance

The AICPA's Professional Ethics Executive Committee (PEEC) has issued a discussion memorandum to gather feedback on alternative practice structures, including ...
READ MORE