The executive summary of Statement on Auditing Standards (SAS) No. 150, External Confirmations, summarizes the changes to the external confirmations standard and other auditing standards. The most significant change introduced by SAS No. 150 is a new requirement for the auditor to perform external confirmation procedures for cash and cash equivalents held by third parties (cash) to respond to the assessed risks of material misstatement unless certain conditions exist.
The executive summary provides additional discussion about what the ASB
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Executive Summary of SAS No. 150
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