In January of 2022, the CPA Audit exam will begin testing the new audit report for a non-issuer under SAS 134. This is considered a major change to the audit report. This new audit report starts with the “opinion” section and is then followed by the “basis for opinion” section. There is also an optional section on “key audit matters.” Look for the new audit report for the non-issuer to be tested in multiple choice and simulation. The audit report for an issuer under PCAOB and an audit report for a non-issuer under SAS are now almost identical.