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At a glance - AICPA

What happened? In May 2019, the AICPA Auditing Standards Board (ASB) issued, Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements as a final standard. SAS No. 134 contains the following sections: Section 700, Forming an Opinion and Reporting on Financial Statements The foundational section that addresses the auditor s responsibility to form an opinion on the financial statements and prescribes the form and content of the auditor s report when issuing an unmodified clean opinion. (Click here for information about the foundational standard for audits of employee benefit plans subject to ERISA.) This section also includes an appendix of amendments to various AU-C sections relating to auditor reporting and disclosures.

SAS No. 134 does NOT require the communication of KAMs. What has changed? SAS No. 134 replaces AU-C sections 700, 705 and 706 and introduces a new section 701. To enhance the communicative value and relevance of the auditor’s report, the following key changes have been made: Forming an Opinion and Reporting (Section 700 of SAS No. 134)

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