AICPA Issues SAS No. 150 on External Confirmations
The Auditing Standards Board rewrote the confirmation rules in July 2026, adding a requirement to confirm cash held by third parties. SAS No. 150 is effective for periods ending on or after December 15, 2028.
What the AICPA Issued
What Changes
- Cash confirmation becomes a requirement. Auditors have to perform external confirmation procedures for cash and cash equivalents held by third parties, unless certain conditions exist.
- Negative confirmation requests carry new conditions that have to be met before an auditor can use them.
- The guidance is rebuilt around intermediaries, which have become the ordinary channel for confirmations rather than the exception.
- Direct access to information maintained by a knowledgeable external source can satisfy the confirmation requirements.
When It Takes Effect
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