Proposed statement of position : Inquiries of representatives of financial institution regulatory agencies ;Inquiries of representatives of financial institution regulatory agencies; Exposure draft (American Institute of Certified Public Accountants), 1989, Sept. 29

Authors

American Institute of Certified Public Accountants. Banking Committee
American Institute of Certified Public Accountants. Savings and Loan Associations Committee

Files

Description

This proposed statement of position (SOP) amends chapter 2 in the AICPA Industry Audit Guide Audits of Banks and chapter 2 in the AICPA Audit and Accounting Guide Audits of Savings and Loan Associations. The proposed SOP emphasizes that the CPA should not overlook regulatory examiners as a source of competent evidential matter in conducting an audit of a financial institution's financial statements and, therefore, should review reports of examination and other communications from examiners and, when appropriate, make inquiries of the examiners. The CPA should: 1. Request that management provide access to all reports of examinations and related correspondence. 2. Review reports of significant examinations and related correspondence received by the financial institution during the period under audit through the date of the CPA's opinion. 3. Communicate with the examiners, with the prior approval of the financial institution, when their examination of the financial institution is in process or a report on a recent examination has not been received by the financial institution. A refusal by management to allow the CPA to review communications or communicate would be a scope limitation, whereas the refusal of the examiner to communicate with the auditor may be a scope limitation, depending on the auditor's assessment of other relevant facts and circumstances.

Publication Date

1989

Relational Format

Book

Keywords

Bank examination -- Standards -- United States

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Recommended Citation

American Institute of Certified Public Accountants. Banking Committee and American Institute of Certified Public Accountants. Savings and Loan Associations Committee, "Proposed statement of position : Inquiries of representatives of financial institution regulatory agencies ;Inquiries of representatives of financial institution regulatory agencies; Exposure draft (American Institute of Certified Public Accountants), 1989, Sept. 29" (1989). Exposure Drafts, Comment Letters, and Statements of Position. 527.
https://egrove.olemiss.edu/aicpa_sop/527