Executive summary of SAS No. 149 and SQMS No. 3

The executive summary of Statement on Auditing Standards (SAS) No. 149, Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors), and Statement on Quality Management Standards (SQMS) No. 3, Amendments to QM Sections 10, A Firm’s System of Quality Management, and 20, Engagement Quality Reviews, summarizes the changes to the group audits standard. The most significant change introduced by SAS No. 149isthat it provides a risk-based approach to