GAE2616. SAS 149 Updates: Changes, Impacts, and Considerations for Government Audits

In this session, participants will learn the key requirements of SAS 149 for group audits, 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 – Participants will be able to identify key changes to group audit requirements. Participants will be able to identify the roles and responsibilities of the group engagement team, including the group engagement partner, and distinguish the responsibilities of component auditors in a group financial statement audit.
• Apply group audit concepts in governmental audit environments - Participants will be able to apply SAS 149 requirements to governmental and Single Audit contexts, including assessing component materiality, evaluating risk at the component level, and determining appropriate involvement with component auditors under Government Auditing Standards.
• Evaluate audit evidence and reporting implications in group audits - Participants will be able to evaluate the sufficiency and appropriateness of audit evidence obtained from components and determine the impact on the group auditor’s opinion and reporting, including situations involving limitations, multiple auditors, or modified opinions.