ASB Issues SAS No. 140 to Complete Conforming GAAS to SAS No. 134
The Auditing Standards Board has issued Statement on Auditing Standards No. 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes From SAS Nos. 134 and 137. With this issuance, the ASB has completed its year-long effort to conform GAAS 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 SASs. In addition, certain other AU-C sections in AICPA Professional Standards have been amended to reflect practice issues that have arisen since the most recent revisions to these AU-C sections, including revisions to AU-C section 935, Compliance Audits, for consistency with the recent issuance of Uniform Guidance, changes in the OMB Compliance Supplement, and the most recently issued Yellow Book. SAS No. 140 becomes effective for periods ending on or after December 15, 2020. Early implementation is not permitted. Visit our hub site, Recently Issued Auditing and Attestation Standards Issued: Information and Resources, for the latest information on this standard.
SAS No. 141 Delays SAS Nos. 134-140 Effective Dates, Permits Early Implementation
The Auditing Standards Board has issued Statement on Auditing Standards No. 141, Amendment to the Effective Dates of SAS Nos. 134–140. As a result of the COVID-19 pandemic, the ASB believes it is in the public interest and welcome relief to members to 1) delay by one year the effective date of SAS Nos. 134–140 (which, among other things, substantially changes the auditor’s report) from December 15, 2020, to December 15, 2021, and 2) also permits early implementation of this suite of standards. SAS No. 141 becomes effective upon issuance. Visit our hub site, Recently Issued Auditing and Attestation Standards Issued: Information and Resources, for the latest information on this standard.