Codification of Statements on Auditing Standards 2019: Numbers 122 to 135 (AICPA)
This 2019 edition delivers the current Statements on Auditing Standards (SASs) and related interpretations in a codified format, giving accountants the most up-to-date information, they need to conduct successful audits and provide high-quality services to their clients.
Issued directly from the AICPA, this authoritative guidance is essential to fully understand the requirements associated with an audit. This edition includes the following new standards:
- SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements
- SAS No. 135, Omnibus Statement on Auditing Standards―2019
- SAS No. 134 is a suite of auditor reporting standards that includes a new AU-C section 701, Communicating Key Audit Matters in the Independent Auditor’s Report, and replaces AU-C sections 700, 705, and 706.
- SAS No. 134, which also amends various other AU-C sections, addresses the auditor’s responsibility to form an opinion on the financial statements and the form and content of the auditor’s report issued because of an audit of financial statements. It also addresses the auditor’s responsibilities, and the form and content of the auditor’s report, when the auditor concludes that a modification to the auditor’s opinion on the financial statements is necessary, and when additional communications are necessary in the auditor’s report.
- SAS No. 135 is intended to more closely align ASB guidance with the PCAOB's standards by primarily amending AU-C section 260, Communications With Those Charged With Governance, AU-C section 550, Related Parties, and AU-C section 240, Consideration of Fraud in a Financial Statement Audit.
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