AICPA issues SAS 134 and SAS 135
May 08, 2019
On May 8, 2019, The American Institute of CPAs (AICPA) Auditing Standards Board published two Statements on Auditing Standards (SASs): No. 134, “Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements,” and No. 135, “Omnibus Statement on Auditing Standards — 2019.”
SAS 134 “addresses the auditor’s responsibility to form an opinion on the financial statements and the form and content of the auditor’s report issued as a result of an audit of financial statements.” This SAS also discusses “the auditor’s responsibilities, and the form and content of the auditor’s report, when the auditor concludes that a modification to the auditor’s opinion on the financial statements is necessary, and when additional communications are necessary in the auditor’s report.”
SAS 135 “is intended to more closely align [AICPA] guidance with the PCAOB's standards by primarily amending AU-C section 260, Communications With Those Charged With Governance, AU-C section 550, Related Parties, and AU-C section 240, Consideration of Fraud in a Financial Statement Audit, in AICPA Professional Standards.”
Review the press release on the AICPA’s website.
Related Topics
- CAS 700, Forming an Opinion and Reporting on Financial Statements
- CAS 701, Communicating Key Audit Matters in the Independent Auditor's Report
- CAS 705, Modifications to the Opinion in the Independent Auditor's Report
- CAS 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report
