Auditing Financial Instruments

Published March 18, 2013

As a financial statement preparer or auditor, it is essential to understand the unique aspects of financial instruments and entities of all sizes may be subject to risks of material misstatement when using financial instruments. This AICPA Audit Guide provides practical assistance to auditors for developing their training programs and internal guidance that is useful in gaining a more in-depth understanding of financial instruments. Detailed implementation guidance is provided for assessing and responding to the risk of material misstatement related to financial instruments as well as guidance on reporting considerations. The implementation guidance in the Audit Guide is supplemented with a series of case studies to help you understand and apply the concepts.

Audit and Accounting Guide Special Considerations in Auditing Financial Instruments
Availability eBook (product no. AAGAFI12E) Online Subscription (product no. AAGAFIO) Paperback (product no. AAGAFI12P) This AICPA Audit Guide has been fully conformed to reflect the new standards resulting from the Clarity Project. This year’s edition of the guide fully incorporates the clarified auditing standards into all guide content, so that auditors can further their understanding of the clarified auditing standards. The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits). Auditors should carefully apply the relevant guidance until the clarified auditing standards become effective for the auditors’ engagements. Publication Excerpts (available to AICPA Members) Understanding the Financial Instruments Understanding Internal Control Developing an Audit Approach

AICPA Online Professional Library

When you subscribe to any one of the many subscription options on AICPA Online Professional Library, you're not only getting access to the most up-to-date guidance and tools, you are also linked to all of the relevant and related literature, including the FASB and GASB libraries.

Many publications and libraries may be of value to those interested in guidance related to financial instruments:

AICPA Audit and Accounting Manual (product no. WAM-XX)
AICPA Audit Risk Assessment Tool and Guide (product no. WRA-XX)
AICPA Practice Tool The Auditor's Report: Comprehensive Guidance and Examples (product no. APAARMO)
AICPA Professional Standards (product no. WPS-XX)
AICPA Technical Practice Aids (product no. WTP-XX)
U.S. GAAP Financial Statements—Best Practices in Presentation and Disclosure (product no. WAT-XX)

Guidance contained in the AICPA Online Professional Library has also been grouped into topical sets including varying levels of guidance. The following may be of interest to those seeking information and guidance on financial instruments:

Audit and Accounting Guide and Audit Risk Alert Set (product no. WAA-XX)
- with FASB Accounting Standards Codification (product no. WFA-XX)
Essential A&A Research Collection (product no. ORS-XX)
- with FASB Accounting Standards Codification (product no. ORF-XX)
- with FASB Accounting Standards Codification and GASB Library (product no. WCF-GL)
Premium A&A Research Collection (product no. WAL-BY)
- with FASB Accounting Standards Codification (product no. WFL-BY)
- with FASB Accounting Standards Codification and GASB Library (product no. WGL-BY)

Auditing Financial Instruments

Audit and Accounting Guide Special Considerations in Auditing Financial Instruments

AICPA Online Professional Library