ASB Issues New Auditing Standards (SAS No. 134 and 135)

The Auditing Standards Board has issued the following auditing standards:

• Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements (SAS No. 134)

• Omnibus Statement on Auditing Standards—2019 (SAS No. 135)

The standards apply to examinations of financial statements for years ending on or after December 15, 2020. Earlier application of these standards is not permitted.

The Journal of Accountancy published an article summarizing these new standards which is available at:

ASB enhances communication in auditors’ reports, Journal of Accountancy, May 8, 2019

The AICPA’s web page Auditing Standards Issued in 2019: Information and Resources indicates that a podcast from the Journal of Accountancy and an “At a Glance” summary of SAS 134 will be coming in the future.