Auditing Financial Instruments 


    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 Guide Special Considerations in Auditing Financial Instruments

     

    Availability

    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)




    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:

    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:





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