The following opinion letter templates (all in Word) are intended to assist not-for-profit financial statement auditors with their audit reports.
The sample reports listed above have not been updated to reflect new reporting standards established by AICPA Statements on Auditing Standards (SAS) Nos. SAS Nos. 134 through 140 because SAS No 141 delayed the effective date of these reporting standards to audits of financial statements for periods ending on or after December 31, 2021. While early implementation of SAS Nos. 134–140 is now permitted, it is recommended that SAS Nos. 134–140 be implemented at the same time. Updated reports that reflect the requirements of the new reporting standards will be provided at a later date. In the meantime, the NFP Section has made the following sample report available for auditors who may wish to early adopt SAS Nos. 134-140:
Generally Accepted Auditing Standards (GAAS) require certain elements be present in an auditor’s report on an entity’s financial statements that are prepared in conformity with GAAP. These requirements are provided in AICPA Professional Standards. Refer to the AICPA Audit and Accounting Guide for Not-for-Profit Entities for additional information and examples.