The following opinion letter template is intended to assist not-for-profit financial statement auditors. This sample report has been updated to reflect new reporting standards established by AICPA Statements on Auditing Standards (SAS) Nos. SAS Nos. 134 through 140. Note that SAS No 141 delayed the effective date of these reporting standards to audits of financial statements for periods ending on or after December 31, 2021. Early implementation of SAS Nos. 134–140 is permitted, and it is recommended that SAS Nos. 134–140 be implemented at the same time.
Generally Accepted Auditing Standards (GAAS) require certain elements be present in an auditor’s report on an entity’s financial statements that are prepared in conformity with GAAP. These requirements are provided in AICPA Professional Standards. Refer to the AICPA Audit and Accounting Guide for Not-for-Profit Entities for additional information and examples.