ASB’s New Auditor Reporting Standard Provides Additional Accuracy, Consistency and Transparency

March 10, 2020

NEW YORK (March 10, 2020) – The American Institute of CPAs’ (AICPA) Auditing Standards Board (ASB) has issued Statement on Auditing Standards No. 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134.

“The issuance of SAS No. 139 is another step in finalizing our Auditor Reporting suite of standards,” said Bob Dohrer, CPA, CGMA, AICPA Chief Auditor. “The revised auditor’s reports involving special purpose accounting frameworks and other unique reporting scenarios provide additional transparency into the basis for the auditor’s opinion and the responsibilities of both management and auditors.”

In the ASB’s continuing effort to conform Generally Accepted Auditing Standards (GAAS) to the new auditor reporting standards, SAS No. 139 aligns the following AU-C sections 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:

  • 800, Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks
  • 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement
  • 810, Engagements to Report on Summary Financial Statements

SAS No. 139 is part of the auditor reporting suite of standards that become effective at the same time as SAS No. 134, for periods ending on or after December 15, 2020. Early implementation is not permitted.

Over the past year, the ASB has issued several standards including SASs 135, 136, 137 and 138. SAS No. 140 is the final stages of completion and is expected to be issued in the Spring.

Find out more about SAS No. 139.