New audit standards issued

May 13, 2019

The AICPA Auditing Standards Board (ASB) recently issued standards designed to enhance the communicative value of the auditor’s report and align generally accepted auditing standards (GAAS) with the standards issued by the International Auditing and Assurance Standards Board (IAASB) and the PCAOB.

The changes are outlined in Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements; and SAS No. 135, Omnibus Statement on Auditing Standards – 2019.

The new suite of standards places the auditor’s opinion at the front of the report for added visibility, provides the necessary transparency into the basis for the auditor’s opinion and clarifies the responsibilities of both entity management and auditors.

Auditors will need to understand the details and implications of these new standards.

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