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(This copy is missing Appendices A and B.) This American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide has been prepared to assist financial institutions in preparing financial statements in conformity with generally accepted accounting principles (GAAP) and to assist independent accountants in reporting on financial statements (and, as discussed in appendix B, other written management assertions) of those entities. Chapters of the Guide are generally organized by financial statement line item into four sections: a. An Introduction that describes the general transactions and risks associated with the audit area. (The introduction does not address all possible transactions in each area.) b. Regulatory Matters that may be of relevance in the audit of financial statements. Other regulatory matters may exist that require attention in the audit of financial statements following the general guidance on regulatory matters discussed in chapter 5. Further, the Guide does not address regulations that are not relevant to the audit of financial statements and certain of the regulatory requirements discussed may not be applicable to uninsured institutions. c. Accounting and Financial Reporting guidance that addresses accounting and financial reporting issues (Statement on Auditing Standards [SAS] No. 69, The Meaning ofPresent Fairly in Conformity With Generally Accepted Accounting Principles in the Independent Auditor's Report [AICPA, Professional Standards, vol. 1, AU sec. 411], establishes the hierarchy of GAAP). d. Auditing guidance that includes objectives, planning, internal control over financial reporting and possible tests of controls, and substantive tests.

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Banks and banking -- Accounting -- Handbooks, manuals, etc.; Savings banks -- Accounting -- Handbooks, manuals, etc.; Credit unions -- Accounting -- Handbooks, manuals, etc.; Finance companies -- Accounting -- Handbooks, manuals, etc.; Mortgage banks -- Accounting -- Handbooks, manuals, etc.


Accounting | Taxation


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

AICPA Audit and accounting guide: Depository and lending institutions: Banks and savings institutions, credit unions, finance companies and mortgage companies;Depository and lending institutions: Banks and savings institutions, credit unions, finance companies and mortgage companies;Certain Financial Institutions and Entities That Lend to or Finance the Activities of Others; Exposure draft (American Institute of Certified Public Accountants), 2001



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