GAE2616. SAS No. 149 Updates: Changes, Impacts, and Considerations for Government Audits

In this session, participants will learn the key requirements of SAS No. 149 for group audits. This session will discuss how to apply group audit concepts in governmental audit environments, and the required audit evidence and reporting implications for group audits.

Learning Objectives:

• Identify key requirements of SAS 149 for group audits, including key changes to group audit requirements, roles and responsibilities of the group engagement team, and the responsibilities of component auditors in a group financial statement audit.
• Recall group audit concepts in governmental audit environments, including application of SAS 149 requirements to governmental and single audit contexts, such as assessing component materiality, evaluating risk at the component level, and determining appropriate involvement with component auditors under Government Auditing Standards.
• Recognize audit evidence and reporting implications in group audits, including the sufficiency and appropriateness of audit evidence obtained from components, and the impact on the group auditor’s opinion and reporting, including situations involving limitations, multiple auditors, or modified opinions.