Keyword Analysis & Research: statements on auditing standards 134

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What is AICPA SAS 134?

In May of 2019, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, including Amendments Addressing Disclosures in the Audit of Financial Statements. What is SAS 134?

Why delaying the effective date of statements on Auditing Standards 134-140?

Delaying the effective dates of Statements on Auditing Standards (SASs) No. 134–140 provides relief to audit firms amid the challenges created by the coronavirus pandemic. The delay is designed to ensure that firms will be able to implement the standards in the highest-quality manner possible when distractions due to the pandemic subside.

What is SAS 134 and why is it important?

What is SAS 134? This new standard makes fundamental changes in the layout of the audit report, as well as the information required to be presented in all auditor reports issued under generally accepted auditing standards (GAAS). The standard is effective for reporting periods ending on or after December 15, 2020.

When do the ASB audit standards take effect?

The standards now will take effect for audits of financial statements for periods ending on or after Dec. 15, 2021. Early implementation is permitted, and the ASB expressed its intent that SASs No. 134–140 be implemented at the same time.

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