AICPA amends auditor reporting standard

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The American Institute of CPAs updated its auditor reporting standards to conform them with recently issued auditing standards.

The AICPA’s Auditing Standards Board released Statement on Auditing Standards No. 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134, as part of an ongoing effort to harmonize Generally Accepted Auditing Standards, or GAAS.

“The issuance of SAS No. 139 is another step in finalizing our Auditor Reporting suite of standards,” said AICPA chief auditor Bob Dohrer in a statement Tuesday. “The revised auditor’s reports involving special purpose accounting frameworks and other unique reporting scenarios provide additional transparency into the basis for the auditor’s opinion and the responsibilities of both management and auditors.”

SAS No. 139 aligns several AU-C sections with the reporting provisions of SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, and other recently issued auditing standards:

  • 800, Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks
  • 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement
  • 810, Engagements to Report on Summary Financial Statements

SAS No. 139 is part of the auditor reporting set of standards that take effect at the same time as SAS No. 134, for periods ending on or after Dec. 15, 2020. Early implementation isn’t allowed.

In the past year, the AICPA Auditing Standards Board has issued a number of standards including SASs 135, 136, 137 and 138. SAS No. 140 is the final stages of completion and is anticipated to be issued this spring.

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