It’s time for auditors to scrutinize new standards issued in May by the Auditing Standards Board (ASB) that will significantly impact auditor reports issued under Generally Accepted Auditing Standards (GAAS) for nonpublic companies. A closer look now will help auditors prepare for client discussions, as 2020 reports are quickly approaching.
Although much of the information included in the report is the same, there are significant changes to the format and some new required information.
