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AICPA Delays Effective Date on Host of Auditing Standards

AICPA_new_2019-2dy40l6-676x380 (1) CPA Practice Advisor.
  • * SAS 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, as amended;
  • * SAS 135, Omnibus Statement on Auditing Standards—2019;
  • * SAS 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended;
  • * SAS 137, The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports;
  • * SAS 138, Amendments to the Description of the Concept of Materiality;
  • * SAS 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134; and
  • * SAS 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes From SAS Nos. 134 and 137.

These standards had been due to go into effect for audits of private company financial statements starting Dec. 15, 2020. Due the deferral, this date is now Dec. 15, 2021.