Statements on Auditing Standards bring changes to not-for-profit audits

During 2019 and 2020, the Auditing Standards Board (ASB) issued new Statements on Auditing Standards (SASs) Nos. 134-141. In general, the new standards are effective for audits of financial statements for periods ending on or after December 15, 2021 (calendar year-end 2021 and fiscal year-end 2022 financial statements). Refer to each individual standard for specific effective date language. Early implementation is permitted, and the ASB recommends that these SASs be implemented at the same time. The new standards are codified