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This audit guide presents recommendations of the AICPA Civil Aeronautics Subcommittee regarding the application of generally accepted auditing standards to audits of financial statements of entities in the airline industry. It represents the considered opinion of the subcommittee on the best auditing practice in the industry and has been reviewed by members of the AICPA Auditing Standards Board for consistency with existing auditing standards. AICPA members may have to justify departures from the recommendations contained in the guide if their work is challenged. Descriptions of current financial accounting and reporting practices for the airline industry are included in the audit guide. Such descriptions may refer to an FASB statement or interpretation, an APB opinion, or an accounting research bulletin, all of which are enforceable under rule 203 of the AICPA Code of Professional Ethics. In other respects, in expressing an opinion on financial statements, an AICPA member should consider the description of financial accounting and reporting practices in concluding whether such financial statements are in conformity with generally accepted accounting principles.
Airlines -- Accounting
Accounting | Taxation
American Institute of Certified Public Accountants. Civil Aeronautics Subcommittee, "Proposed audit guide: audits of airlines ;Audits of airlines; Exposure draft (American Institute of Certified Public Accountants), 1980, Oct. 31" (1980). Statements of Position. 427.