This guide provides an in-depth understanding of financial instruments, as well as practical how-to guidance for minimizing the risk of material misstatement when using financial instruments.
Entities of all sizes may be subject to risks of material misstatement when using financial instruments. This Audit Guide provides a foundational understanding of financial instruments, as well as practical assistance for auditors to develop an effective audit approach to address such risks.
Implementation guidance is provided for assessing an entity’s internal control and responding to associated risks, as well as guidance on reporting considerations. A series of case studies is provided to help you understand and apply the concepts specific to financial instruments, including the use of service organizations and accounting for hedging activities.
This AICPA Audit Guide was developed by leading auditing and financial instrument experts in public practice to provide CPAs with foundational information on financial instruments and related audit considerations.
Conforming updates to FASB ASC content reflect the following ASUs:
The following standards are discussed in greater detail throughout this guide to address audit considerations unique to financial instruments:
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