The new auditor’s report designed by the AICPA Auditing Standards Board (ASB) provides practitioners with a chance to provide more information to users of their reports. In this podcast, ASB member Dan Montgomery, CPA, and former ASB member Rick Reisig, CPA, who is on FASB’s Private Company Council, describe the new requirements for auditor reporting.

What you’ll learn from this episode:

• Why the new auditor’s reporting standard was issued.
• Whether the standard requires elements to be placed in a particular order.
• What’s in the “Basis for Opinion” section of the auditor’s report.
• The new requirements related to going concern responsibilities.
• The effective date of the new standard.

Play the episode below:

For more information on the new auditor’s reporting model, please visit the Audit and Attest page of the AICPA Financial Reporting Center and read "ASB enhances communication in auditors' reports," JofA, May 8, 2019.

— Ken Tysiac is the JofA’s editorial director. To comment on this podcast or to suggest an idea for another podcast, contact him at Kenneth.Tysiac@aicpa-cima.com.