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AICPA issues SAS 128

  • AICPA (American Institute of CPAs) Image

Feb 17, 2014

The AICPA has published Statement on Auditing Standards (SAS) No. 128, “Using the Work of Internal Auditors.”

The standard clarifies the responsibilities of external auditors when using the work of internal auditors. In addition, SAS 128 supersedes SAS 65 (AU-C sec. 610) and amends Statement on Quality Control Standards No. 8 and various sections within SAS 122.

The guidance in SAS 128 is aligned with International Standard on Auditing 610 (Revised 2013). However, some “differences in objectives, definitions, or requirements” exist between the standards, and changes have been made “to tailor examples and guidance to be more appropriate to the U.S. environment.”

SAS 128 will be effective for audits of financial statements for periods ending on or after December 15, 2014.

For more information, see the SAS 128 summary on the AICPA’s Web site.

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