The AICPA has a very short article that highlights three of the many major changes. See How the Clarified Auditing Standards Will Affect You.
The highlights:
- New audit report with new wording and section headings
- Auditor must gain assurance the opening balances are correct – no more of the approach of just reviewing prior auditor’s workpapers
- Engagement letter needed each year
If any of those are a complete surprise to you, perhaps you need to do some studying.
I’m concerned that the new audit report will be a stumbling block for many. My limited observations as a new peer reviewer suggest that quite a few CPAs have been struggling with implementing the risk assessment suite on audits and the new reporting concepts in SSARS #19 for comps & reviews.