Do You Issue an Annual Report? Be Aware of These New Audit Requirements

If you issue an annual report that includes or accompanies audited financial information, pay close attention! The AICPA’s Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 137The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports, which will become effective for periods ending on or after December 15, 2021.    

The new SAS addresses what procedures an auditor must perform regarding financial and nonfinancial information found in an annual report. As an auditee, you will be required to provide written representations acknowledging which documents comprise the annual report and to provide the reports to the auditors to review in a timely manner.

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