Alan Reinstein published in CPA Journal
George R. Husband Endowed Professor of Accounting Alan Reinstein has had an article published in the CPA Journal, which is “internationally recognized as an outstanding, technical-refereed publication for accounting practitioners, educators and other financial professionals all over the globe.”
The article, “Major Revisions to the Auditor’s Report,” summarizes new standards issued by the AICPA Auditing Standards Board and provides insights for auditors.
The article was co-authored by CPA and Ilitch School graduate Gerald W. Hepp (M.B.A. ’97).
The AICPA Auditing Standards Board recently issued SAS 134, Auditors Reporting and Amendments, Including Amendments Addressing Disclosures of Financial Statements, and SAS 135, Omnibus Statement on Auditing Standards—2019. This suite of standards places the auditor’s opinion at the front of the audit report and otherwise strengthens the transparency for the auditor’s opinion; clarifies entity management’s and the auditors’ responsibilities; and otherwise strengthens the U.S. financial audit process. This article summarizes the new standard and provides insights for auditors implementing its provisions.