SAS No. 131 Issued to Clarify Jurisdictional Issues in Auditor Reporting Requirements
The Auditing Standards Board has issued SAS No. 131, Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements (AICPA, Professional Standards, AU-C sec. 700), to clarify the format of the auditor’s report that should be issued when the auditor conducts an audit in accordance the standards of the PCAOB, but the audit is not under the jurisdiction of the PCAOB.
The amendments are effective for audits of financial statements for periods ending on or after June 15, 2016; however, application of the SAS before the effective date is permitted.
Access the Executive Summary.
For more information visit the AICPA's Auditing Clarity Project area.