SAS 109: The Renaissance or the Demise of the Accounting Profession
23 Pages Posted: 17 Mar 2010
Date Written: February 28, 2010
This paper summarizes the standards and guidance provided by the Statement on Auditing Standard No. 109 (SAS 109), describes the background against which it was drafted, and presents certain issues resulting from the commencement of SAS 109 which are not specific to the review and measure of the financial statements themselves which could ultimately lead to the renaissance of the accounting profession.
Keywords: SAS 109, AU 314, audit risk, risk assessment suite
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