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The AICPA issued a final standard that changes the form and content of the auditor’s report. The standard requires auditors to present the “Opinion” section first in their reports, followed by the “Basis for Opinion” section, and to more clearly articulate management’s responsibilities for the financial statements and the auditor’s responsibilities for the audit. It requires the auditor to make certain new communications to those charged with governance. It also establishes new guidance for auditors engaged to communicate on key audit matters, but it does not require communication of these matters.
The standard is effective for audits of financial statements for periods ending on or after 15 December 2021, and early implementation is permitted. This publication has been updated to reflect the AICPA’s decision to delay the effective date by one year due to the COVID-19 pandemic and to allow early implementation.