Your 2021 Audit Opinion is Getting a Makeover

If you have audited financial statements, you should anticipate significant changes to the form and content of your 2021 audit opinion.

The AICPA’s Auditing Standards Board (ASB) has issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, which will become effective for periods ending on or after December 15, 2021.

The new SAS is meant to make it easier for users of the financial statement to understand the results of the audit and better emphasizes the auditor’s and management’s responsibilities. SAS No. 134 will also more closely align the AICPA’s auditing standard with those of the Public Company Accounting Oversight Board (PCAOB) and international auditing standards.

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