skip to main content


Audit & Assurance

We provide a wide range of audit and assurance services, including financial audit, forensic audit, compliance audit, financial operations, and more.


July 3, 2019


In May, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements (SAS 134).

The issuance of SAS 134 concludes the efforts of the AICPA, International Auditing and Assurance Standards Board (IAASB), and the Public Company Accounting Oversight Board (PCAOB) to improve the auditor reporting standards. The IAASB issued their revisions to auditor reporting in 2015 and the PCAOB followed in June 2017.

The two most significant changes to the current standards are the ordering of the audit report sections, and the introduction of key audit matters (KAM).The table below summarizes the differences in the presentation of the report sections under the current standards and SAS 134:

Month Savings
Current standards SAS 134
Audit period Opinion
Management's responsibility Basis of opinion
Auditor's responsibility Key audit matters (if engaged)
Opinion Management's responsibility
Emphasis-of-Matter and Other Auditor's responsibility
Signature and date Emphasis-of-Matter and Other
  Signature and date

SAS 134 allows for KAMs to be added to the audit report only when the client has engaged the auditor to include such matters. The new standard has defined KAMs as "those matters that, in the auditor's professional judgement, were of most significance in the audit of the financial statements of the current period. Key audit matters are selected from matters communicated with those charged with governance."

The effective date for the provisions of SAS 134 are for audits of financial statements for periods ending on or after Dec. 15, 2020. Early adoption is not permitted.

Hide Firm Disclaimer


UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

On this website, (i) the term "our firm", "we" and terms of similar import, denote the alternative practice structure conducted by UHY LLP and UHY Advisors, Inc. and its subsidiary entities, and (ii) the term "UHYI" denotes the UHY international network, in each case as more fully described in the preceding paragraph.