The At a Glance about SAS No. 150 provides a high-level summary of the changes resulting from the issuance of this standard, including the following:
What has changed, including the most significant change that the new SAS introduces
External confirmation procedures for cash
Using an intermediary
Directly accessing information maintained by a knowledgeable external source
Negative confirmation requests
The document also provides the effective date of the standard, which is available for auditors to read and consider to adequately prepare