Audit Alerts 


    The AICPA produces a number of Alerts that provide auditors of financial statements with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. Updated annually, alerts also help identify the significant business risks that may result in the material misstatement of a client's financial statements. Audit Risk Alerts also can be used by an entity’s internal management to address areas of audit concern.

    Financial Reporting Alerts are designed to be used by members of an entity’s financial management and audit committee to identify and understand current accounting and regulatory developments affecting the entity’s financial reporting, especially those that are the result of recent economic developments. They are intended to help you achieve a more robust understanding of the current economic environment in which your entity is operating and are an important tool to help you identify the significant risks that may result in the material misstatement of your entity’s financial statements.

    Auditing Guidance in AICPA Alerts are authoritative with respect to:
    • Audit Guidance in accordance with AU-C section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards
    • Compilation and Review Guidance in accordance with AR section 60, Framework for Performing and Reporting on Compilation and Review Engagements
    • Attestation Guidance in accordance with AT section 50, SSAE Hierarchy
    Select a specific AICPA alert family, for more information.


    Audit Risk Alerts Compilation, Preparation, and Review Alerts Other Alerts

    General Accounting and Auditing Developments

    Employee Benefit Plans Industry Developments

    Government Auditing Standards and Circular A-133 Developments

    Not-for-Profit Entities Industry Developments

    Developments in Preparation, Compilation, and Review Engagements


    Independence and Ethics Developments




     

    Audit Alerts

    General Accounting and Auditing Developments


    The AICPA General Accounting and Auditing Developments Audit Risk Alert contains a summary of all of the substantive and primarily clarifying changes in the auditing standards from the Clarity Project.  This AICPA Audit Risk Alert helps you plan and perform your audits and can also be used by an entity’s internal management. It provides information to assist you in achieving a more robust understanding of the business, economic, and regulatory environments in which you or your clients operate. It is an important tool to help you identify the significant risks that may result in the material misstatement of financial statements.

    You will find new accounting and auditing guidance in this alert, in the areas of:

    • Fair Value Measurements
    • Comprehensive Income
    • Intangibles—Goodwill and Other
    • Property, Plant, and Equipment
    • Communication with Audit Committees

    This alert also includes information on emerging issues such as:

    • Recent Economic Trends
    • Recent Legislative and SEC Developments
    • FASB and IASB Convergence Projects
    • Committee of Sponsoring Organizations of the Treadway Commission (COSO)

    To comply with the professional standards, auditors need to understand the industry, regulatory, and other external factors that affect the entity and its environment. This helps you identify those factors and how they may be a source of risk. You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your engagements.

    Paperback

    Online

    eBook

    Employee Benefit Plans Industry Developments


    Find out about important issues affecting Employee Benefit Plans and how these developments affect auditing in this industry. The AICPA Audit Risk Alert Employee Benefit Plans Industry Developments discusses fair value measurement, auditing fair value, and reporting on supplemental schedules and service organizations. This Alert also provides you with regulatory updates from the DOL as well as IRS and Treasury Department developments.

    New accounting and auditing guidance that are particularly significant to this alert and covered in just the right amount of detail include:

    • FASB Accounting Standards Update No. 2011-04, Fair Value Measurement
    • SAS No. 118, Other Information in Documents Containing Audited Financial Statements
    • SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole

    This alert also includes information on emerging issues such as:

    • ERISA Section 408(b)(2)
    • Changes in Report From SAS No. 70 to SSAE No. 16

    To comply with the professional standards, auditors need to understand the industry, regulatory, and other external factors that affect the entity and its environment. This helps you identify those factors and how they may be a source of risk. You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your engagements.

     

    Members interested in the companion AICPA Audit and Accounting Guide Employee Benefit Plans can purchase an online bundle of both the Alert and Guide at a discounted price.

    Paperback

    eBook

    Government Auditing Standards and A-133 Circular Developments

     

    Find out about important issues affecting audits performed under Government Auditing Standards and Circular A-133, and how current developments affect these audits. This alert is intended to help you achieve a more robust understanding of the economic and business environment in which your entity operates and is also an important tool in helping you identify the significant risks that may result in the material misstatement of your entity’s financial statements.

    New auditing guidance that is particularly significant to auditors performing single audits is discussed in this alert:

    • 2011 revision of Government Auditing Standards, including an in-depth discussion of the new independence standard
    • Reporting on supplementary information under SAS No. 119
    • HUD Developments
    • Department of Energy 2011 For-Profit audit guide
    • The Clarity Project, including its impact on single audits

    This alert also includes information on emerging issues such as the OMB Advance Notice that was released in late February 2012.

    Paperback

    eBook

    Not-for-Profit Entities Industry Developments

    Among other topics, the AICPA Audit Risk Alert Not-for-Profit Entities Industry Developments discusses risks related to recent NFP trends, going concern, related party, fair value, and consolidations issues. Also in this alert is a discussion of recent and planned IRS activity with regard to NFPs.

    New accounting and auditing guidance and exposure drafts that are particularly significant to this alert and covered in just the right amount of detail include:

    • SAS No. 118, Other Information in Documents Containing Audited Financial Statements
    • SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole
    • SAS No. 120, Required Supplementary Information
    • ASU No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses

    This alert also includes information on emerging issues such as:

    • Fair Value Considerations, including Gifts-in-Kind
    • IRS Exempt Organizations Activities
    • New Market Tax Credit Program Considerations
    • The FASB Not-for-Profit Advisory Committee Activity
    • Private Company Financial Reporting Update

    Paperback

    eBook





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