May 5, 2020
ASB Delays Effective Date of Recent Auditor’s Report Standards
Published on May 5, 2020
Due to the global impact of COVID-19 on accounting firms and their clients, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) delayed the effective date of SASs 134 through 140, which primarily revised the layout and content of the auditor’s report to more closely align the AICPA auditing standards with both public company and international auditing standards and also introduce optional reporting on Key Audit Matters (KAMs). These are the most significant changes to the auditor’s report in years.
SAS No. 141 delays the effective date of SAS 134 through 140 until periods ending on or after December 15, 2021. Early adoption is permitted and the ASB recommends SAS 134 through 140 be implemented concurrently.