The Auditing Standards Board (ASB) has issued Statement on Auditing Standards (SAS) No. 141, Amendment to the Effective Dates of SAS Nos. 134-140 in an effort to provide relief to audit firms as a result of challenges created by the COVID-19 pandemic. The effective dates for a suite of standards have been delayed one year from audits of financial statements for periods ending on or after Dec. 15, 2020, to audits of financial statements for periods ending on or after Dec. 15, 2021. Previously, early implementation was not permitted, but under SAS No. 141, early adoption is no longer prohibited. The AICPA recommends that the below suite of standards be implemented together as SAS Nos.134-140, which address substantial changes to the auditor’s report and have interrelated amendments. This new statement is effective upon issuance.
The following standards are impacted by this delay:
- 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. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA
- SAS No. 137, The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports
- SAS No. 138, Amendments to the Description of the Concept of Materiality
- SAS No. 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes from SAS No. 134
- SAS No. 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes from SAS Nos. 134 and 137
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