As 2021 ends, it is time for firms and clients to refamiliarize themselves with new standards that will soon affect all audits.
In the November/December issue of CPA Voice, OSCPA’s own Laura Hay, CPA, CAE, discusses SAS No. 141, which generally deferred the effective dates of SAS Nos. 134-140 to Dec. 15, 2021.
One notable change, intended to communicate considerations more transparently in the audit, audit results, and the responsibilities of the auditors and management in language clear to the user, is in the layout of the report. Report sections are to include:
· Basis for Opinion
· Key Audit Matters
· Auditor’s Responsibilities for the Audit of the Financial Statements
There are other significant changes, and firms should understand them. Learn more now in the November/December issue of CPA Voice.
Did you know that reading CPA Voice can help you satisfy your CPE requirement? No matter your location or the time of day – and even without the benefit of electricity – you can gain CPE credit with each issue.
Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge.
Best of all, you can take the exam when and where it’s convenient for you. Exams remain available online – and may be completed for CPE – through the same month of the following year.