The AICPA Auditing Standards Board (ASB) formally extended the effective dates of seven new auditing standards on Friday, May 1, in a statement on Auditing Standards No. 141.
The ASB concluded that audit firms will be able to proceed with a more thorough and orderly implementation when their challenges with operating during the coronavirus pandemic subside.
The standards primarily relate to significant changes the ASB has made to the auditor’s report to enable enhanced communication to users of the financial statements.