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The Auditing Standards Board of the American Institute of CPAs has voted to issue voted to issue a final Statement on Auditing Standards. The Omnibus Statement on Auditing Standards—2019 is designed to more closely align guidance with standards from the Public Company Accounting Oversight Board.

The finalized SAS, expected to be issued early this year, is designed to align with PCAOB standards primarily by amending AU-C section 260, Communications With Those Charged With Governance, AU-C section 550, Related Parties, and AU-C section 240, Consideration of Fraud in a Financial Statement Audit (AICPA, Professional Standards). 

A suite of SAS on auditing reporting is scheduled to be voted on by the ASB at its meeting this month. The effective date of the finalized omnibus SAS is expected to be no earlier than audits for financial statements for periods ending on or after Dec. 15, 2020.

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