Statement on Auditing Standards 134 Auditor Reporting and ...

1 Statement on May 2019 Auditing Standards 134 Issued by the Auditing Standards Board Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of financial Statements (AICPA, Professional Standards , AU-C sec. 701; Supersedes the following sections of Statement on Auditing Standards [SAS] No. 122, Statements on Auditing Standards : Clarification and Recodification, as amended: Section 700, Forming an Opinion and Reporting on financial Statements [AICPA, Professional Standards , AU-C sec.)]

2 700] Section 705, Modifications to the Opinion in the Independent Auditor s Report [AICPA, Professional Standards , AU-C sec. 705] Section 706, Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor s Report [AICPA, Professional Standards , AU-C sec. 706] Amends the following sections of SAS No. 122, as amended: Section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards [AICPA, Professional Standards , AU-C sec.

3 200] Section 210, Terms of Engagement [AICPA, Professional Standards , AU-C sec. 210] Section 220, Quality Control for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards [AICPA, Professional Standards , AU-C sec. 220] Section 230, Audit Documentation [AICPA, Professional Standards , AU-C sec. 230] Section 240, Consideration of Fraud in a financial Statement Audit [AICPA, Professional Standards , AU-C sec. 240] Section 260, The Auditor s Communication With Those Charged With Governance [AICPA, Professional Standards , AU-C sec.

4 260] Section 300, Planning an Audit [AICPA, Professional Standards , AU-C sec. 300] Section 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement [AICPA, Professional Standards , AU-C sec. 315] Section 320, Materiality in Planning and Performing an Audit [AICPA, Professional Standards , AU-C sec. 320] Section 330, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained [AICPA, Professional Standards , AU-C sec. 330] Section 450, Evaluation of Misstatements Identified During the Audit [AICPA, Professional Standards , AU-C sec.

5 450] Section 510, Opening Balances Initial Audit Engagements, Including Reaudit Engagements [AICPA, Professional Standards , AU-C sec. 510] Section 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures [AICPA, Professional Standards , AU-C sec. 540] Section 600, Special Considerations Audits of Group financial Statements [Including the Work of Component Auditors], as amended [AICPA, Professional Standards , AU-C sec. 600] Section 910, financial Statements Prepared in Accordance With a financial Reporting Framework Generally Accepted in Another Country Amends SAS No.

6 132, The Auditor s Consideration of an Entity s Ability to Continue as a Going Concern [AICPA, Professional Standards , AU-C sec. 570]) Note: Possible Effects of Ongoing ASB Projects on SAS No. 134 Other Information As of the issuance date of this SAS, the ASB is in the process of deliberating proposed SAS The Auditor s Responsibilities Relating to Other Information Included in Annual Reports (OI SAS). Because the proposed OI SAS is not yet finalized, SAS No. 134 has been issued without the references to the proposed OI SAS that were included in the exposure draft of SAS No.

7 134. Once the OI SAS is issued as a final standard, conforming amendments will be made to SAS No. 134 to reflect the final OI SAS. The proposed OI SAS is expected, when issued as a final standard, to have the same effective date as SAS No. 134. Recently issued Standards can be viewed on the AICPA s website. Copyright 2019 by American Institute of Certified Public Accountants, Inc. New York, NY 10036-8775 All rights reserved. For information about the procedure for requesting permission to make copies of any part of this work, please e-mail with your request.

8 Otherwise, requests should be written and mailed to the Permissions Department, AICPA, 220 Leigh Farm Road, Durham, NC 27707-8110. This Statement on Auditing Standards uses certain International Federation of Accountants (IFAC) copyright material, used with the permission of IFAC. 1 2 3 4 5 6 7 8 9 0 AudS 1 Auditing Standards Board (2018 2019) Michael J. Santay, Chair Ilene Kassman Monique Booker Kristen A. Kociolek Jay Brodish, Jr. G. Alan Long Dora A. Burzenski Sara Lord Joseph S. Cascio Marcia L. Marien Lawrence M. Gill Richard I.

9 Miller Audrey A. Gramling Daniel D. Montgomery Gaylen R. Hansen Jere G. Shawver Tracy W. Harding M. Chad Singletary Jan C. Herringer Auditor Reporting Task Force Daniel D. Montgomery, Chair Richard I. Miller Audra Harrington Jeffrey Rapaglia Jan C. Herringer Richard N. Reisig Susan Jones Mike Westervelt AICPA Staff Robert Dohrer Linda Delahanty Chief Auditor Senior Manager AICPA Audit and Attest Standards Public Accounting Teighlor S. March Assistant General Counsel Office of General Counsel Disclosures Task Force Jan C.

10 Herringer, Chair Laura Schuetze Bridgett Gyorfi Dan Wernke Courtney Drake AICPA Staff Robert Dohrer Ahava Z. Goldman Chief Auditor Associate Director AICPA Audit and Attest Standards Public Accounting Teighlor S. March Assistant General Counsel Office of General Counsel The Auditing Standards Board gratefully acknowledges the contributions of Charles E. Landes in the development of this Statement on Auditing Standards . Note: Statements on Auditing Standards are issued by the Auditing Standards Board, the senior technical body of the AICPA designated to issue pronouncements on Auditing matters.