The AICPA Auditing Standards Board (ASB) has delayed the effective dates of seven private company auditing standards for one year as the result of a vote on Monday, April 20.
Delaying the effective dates of Statements on Auditing Standards (SASs) No. 134–140 provides relief to audit firms amid the challenges created by the coronavirus pandemic, the ASB stated. The delay ensures that firms can implement the standards in the highest-quality manner possible when distractions due to the pandemic subside.
The SASs will now take effect for audits of financial statements for periods ending on or after Dec. 15, 2021.