2021 Investment Companies - Audit and Accounting Guide

Important note: Due to the timing of the effective dates of SAS Nos. 134–140, this edition of the guide has been updated to reflect changes as a result of SAS Nos. 134–141. For auditors that are not early implementing SAS Nos. 134–140, it will be necessary for auditors to look back to the 2020 AICPA Audit and Accounting Guide Investment Companies (as of July 1, 2020) for the auditing guidance and illustrative auditor reporting in effect prior to SAS Nos. 134–140. The 2020 edition of the guide remains available in all formats in the AICPA store. This edition of the guide is relevant to auditors that have implemented SAS Nos. 134–140 early.

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Whether you are a financial statement preparer or auditor, it is critical to understand the complexities of the specialized accounting and regulatory requirements for investment companies.

Packed with continuous regulatory developments, this guide covers:

• how-to accounting and authoritative auditing advice
• implementation guidance
• illustrative financial statements and disclosures
• illustrative auditor reports
• regulatory guidance applicable to investment companies.

2021 updates include changes to the following:

• General auditing content and independent auditor’s report illustrations affected by recently issued SASs such as SAS No. 134 and related guidance
• Regulatory content affected by recently issued SEC Releases such as SEC Release No. IC-34128, “Good Faith Determination of Fair Value.”