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New SAS 134, Auditor Opinions on Financial Statements: Additional Disclosure and Reporting Requirements

New "Basis of Opinion" Section, Ongoing Concern Requirements, Adequacy of Financial Statement Disclosures

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, October 29, 2019

Recorded event now available

or call 1-800-926-7926

This course will provide audit professionals with a practical early look at the new SAS 134 provisions on Auditor's Opinions on Financial Statement Audits. The panel will detail the new obligations audit professionals have under the new standard to state an opinion on the financial statements, discuss when auditors must make modifications to opinions expressed in the audit, and outline new disclosure formats and requirements.


In March 2019 the AICPA Auditing Standards Board (ASB) issued standards "designed to enhance the communicative value of the auditor's report and align generally accepted auditing standards (GAAS) with the standards issued by the International Auditing and Assurance Standards Board (IAASB) and the PCAOB." The new SAS 134 imposes several new requirements on auditors to render an opinion on a financial statement audit.

The new standard makes changes to the format of the auditor's opinion report. Under SAS No. 134, an auditor must follow the "Opinion" section of the report with a "Basis for Opinion" for all audits, not just those in which the auditor modifies an opinion. Additionally, the standard includes new requirements for going concerns as part of the audit report. Also, auditors under the new standard must disclose when the financial statement does not contain adequate disclosure about an entity's ability to continue as a going concern for a reasonable period and prescribe specific language in these circumstances.

Listen as our distinguished panel provides a realistic first look at the new opinion and disclosure requirements of SAS 134 and offers useful guidance on preparing for the implementation of the new guidance.



  1. Outline of SAS 134
  2. Essential matters to communicate to the audit committee
  3. Accounts or disclosures material to financial statements
  4. New Basis of Opinion section
  5. Auditor concerns of ability of the entity to continue as an ongoing concern
  6. Suggested reporting formats
  7. Implementation timetable


The panel will discuss these and other essential questions:

  • How does the new standard change the auditor's obligations to render an opinion as to the financial statements?
  • Basis of opinion requirements for all opinions and not just modifications
  • Duties to evaluate the entity's ability to continue as an ongoing concern
  • Reporting duties in circumstances where the financial statements do not contain adequate disclosures
  • Format changes and additional reporting obligations in the new standard


Goel, Jyoti
Jyoti Goel
Senior Manager
Ernst & Young

Ms. Goel has nine years of assurance and accounting experience in US and Indian GAAP with EY and three years of...  |  Read More

Roundtree, Sean
Sean Roundtree, CPA
Sr. Manager, Assurance Services
Ernst & Young

Mr. Roundtree has served large-scale audit engagements for several SEC clients with international divisions. He has...  |  Read More

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