Statements of Position



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This guide has been prepared to assist the independent CPA in examining and reporting on financial statements of commercial banks, savings banks and bank holding companies. Also, it should help officers and directors of banks and other interested persons understand the nature and scope of audits of banks by independent CPAs. In the last decade, many changes have occurred in the banking industry. Bank supervisory authorities have taken substantial steps to improve reporting by banks. Bank holding companies have become a major factor in the industry, and the range of services offered by banking institutions has expanded. The supervisory authorities have expressed increased interest in reliance on examinations by independent CPAs. Since 1971, the Securities and Exchange Commission (SEC) has required audits of the financial statements of banks included in filings with the SEC. Because of these changes, the American Institute of Certified Public Accountants (AICPA) Committee on Banking (Committee) has revised the banking industry audit guide, Audits of Banks, originally published in 1968 and supplemented in 1969. This guide is a complete revision of that guide. This guide emphasizes aspects of accounting and auditing unique to the banking industry. It reflects the presumption that the CPA understands accounting and auditing common to business enterprises in general. The discussions of auditing present typical audit situations in banks, including the CPA's review of internal accounting controls of banks. However, the discussions do not necessarily cover all audit situations a CPA might encounter in banks. Finally, references to the statements on auditing standards of the AICPA and the authoritative accounting pronouncements of the Financial Accounting Standards Board (FASB) and its predecessor organizations, including the Accounting Principles Board (APB) are intended to include the specific pronouncements as well as all subsequent amendments to them effective as of the date of this guide. The CPA should be familiar with any auditing or accounting interpretations issued after the date of this guide.

Publication Date


Relational Format



Bank examination -- Standards -- United States


Accounting | Taxation


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

Proposed audit guide : audits of banks;Audits of banks; Exposure draft (American Institute of Certified Public Accountants), 1981, Nov. 16



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