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Statements of Auditing Standards No.134- No.140: Changes to Auditors' Report, Materiality, and EBP Audits

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

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Conducted on Tuesday, June 21, 2022

Recorded event now available

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This webinar will explain the changes made to audits by SASs 134-140 issued by the AICPA Auditing Standards Board. Our accounting and auditing experts will walk practitioners through the latest guidance and offer advice on complying with these current standards.


The implementation date of SASs 134-140 was postponed, and these are now effective for audits taking place for periods ending after Dec. 15, 2021, essentially for 2021 calendar year audits. SAS 134 substantially changes the auditors' report under Generally Accepted Auditing Standards. The new report states the opinion in the first paragraph and emphasizes the auditors' responsibilities, including independence. It introduces the concept of key audit matters (KAMs). In addition to unmodified or clean opinions, types of opinions that can be issued include qualified, adverse, or a disclaimer of an opinion.

SAS 138 amends the description of materiality in audits. The new definition, "Misstatements, including omissions, are considered to be material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements," is more closely aligned with other authorities including the U.S judicial system and the Public Accounting Oversight Board.

Other SASs with the same implementation date include SAS 137, The Auditors' Responsibilities Relating to Other Information Included in Annual Reports, and SAS 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. Auditors and accountants need to be sure their audits comply with these SASs.

Listen as our panel of auditing experts details the new requirements of the AICPAs SASs No. 134-140.



  1. Overview of Statements of Auditing Standards (SASs) No. 134- No.140
  2. SAS 134 Auditor reporting and amendments
  3. SAS 135 Omnibus statement on auditing standards
  4. SAS 136 Auditor reporting on employee benefit plans
  5. SAS 137 Information included in annual reports
  6. SAS 138 Amendments to the description of materiality
  7. SAS 139 Amendments to incorporate changes from SAS 134
  8. SAS 140 Amendments to incorporate SAS 134 and 137 changes
  9. Best practices


The panel will review these and other critical issues:

  • The expanded description of auditors' responsibility
  • What is a KAM, and how and when are these disclosed?
  • Preparing auditors' reports for each opinion type
  • New required inquiries under SAS 135 for related parties and other significant unusual transactions
  • Impact of SAS 136 on the auditors' report and audits of employee benefit plans


Ahsan, Sharjeel
Sharjeel Ahsan, CPA, MBA

Audit Director
McConnell & Jones

Mr. Ahsan has been instrumental in builing and leading the Firm’s Form 5500 preparation practice and has...  |  Read More

Brumfield, Michelle
Michelle Brumfield, CPA

Practice Leader
Pension Assurance

Ms. Brumfield recently joined Pension Assurance LLP as a Practice Leader. She was formerly an Audit Director at...  |  Read More

Mattson, Scott
Scott Mattson, CPA

Chief Operating Officer, Audit Partner
Assurance Dimensions

Mr. Mattson serves as the firm’s Audit Partner at the Jacksonville office. He has over 20 years of experience as...  |  Read More

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