The Auditing Standards (SAS) 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, aims to establish a more transparent audit process.
The SAS 134 was issued by the American Institute of Certified Public Accountants (AICPA) as a replacement for Section AU-C 700, forming an Opinion and Reporting on Financial Statements, among others relating to auditor reporting standards.
The new audit standard made fundamental updates to different aspects of financial statement audit reports, such as content layouts, additional information provided by the auditor, etc.
For instance, the SAS 134 standard requires auditors’ opinions to come at the beginning of the audit reports instead of later in the report. The auditor must also include an expanded description of statements regarding management and the auditors’ responsibility.
Generally, the SAS 134 will create consistent reporting for not-for-profit audits per the revised model of the Public Company Accounting Oversight Board (PCAOB).
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Contact MetwallyCPA for professional guidance to implement the SAS 134 for your not-for-profit organization.
Mohamed founded Metwally CPA PLLC in 2020 in the Dallas-Fort Worth metropolitan area. He holds active CPA license in the state of Texas and California. Mohamed is the firm’s Executive Director. Mohamed has a Master of Science (M.S.) degree in Accounting from University of Dallas. He has extensive assurance experience in a wide variety of industries, and he also devotes considerable time consulting and working with organizations and CPA firms on internal controls, audit quality, automation, and accounting best practices. He has over 15 years of audit experience.
Prior to founding the firm, Mohamed worked for big 4 and national firms for over than 10 years in the assurance practice. Mohamed worked on private clients as well as public clients and specialized in financial services sector.
He is a member of the Texas CPA Practice Issues, Diversity and Inclusion, and Governmental Accounting and Single Audits Conference Committees of Texas Society of CPAs.
Mohamed is a member of the American Institute of Certified Public Accountants, member of the AICPA small business group, member of the American institute of Certified Management Accountants, and Texas Society of Certified Public Accountants.
