SAS 142 - Implementing the new audit evidence standard

Statement on Auditing Standards (SAS) 142, Audit Evidence, modernizes the audit evidence standard codified in AU-C 500, Audit Evidence. Like the legacy standard, SAS 142 consists of few actual “requirement” paragraphs. The modernization of the standard is accomplished through application guidance and examples, which have been expanded and amended. A big driver behind the development of SAS 142 was the fast pace of technological advancement. When the legacy audit evidence standard was issued, audit evidence principally was obtained