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This guide supersedes the AICPA Audit and Accounting Guide Audits of Savings Institutions and the AICPA Industry Audit Guide Audits of Banks. This guide applies to audits of the financial statements of banks and savings institutions insured by the Bank Insurance Fund (BIF) or the Savings Association Insurance Fund (SAIF) of the Federal Deposit Insurance Corporation (FDIC), regardless of charter. The guide also should be applied in audits of the financial statements of other banks and savings institutions, although it does not address all matters that may be unique to those institutions due to their charter or the nature of their regulation or supervision. Appendix D provides guidance on certain engagements performed by independent accountants in accordance with Statements on Standards for Attestation Engagements (SSAE) that might also be requested by banks and savings institutions. The guide is intended to highlight significant matters and establish general guidance. It is not intended to provide comprehensive discussion of all possible matters of significance in an audit of financial statements or all audit situations that an independent accountant might encounter in an audit of the financial statements of a bank or savings institution. Consulting the accounting and financial reporting and auditing sections of the guide cannot take the place of a careful reading of specified authoritative literature. Other professional literature and authoritative guidance that may be issued by the Accounting Standards Executive Committee (AcSEC), the Financial Accounting Standards Board (FASB), including its Emerging Issues Task Force (EITF), or the Auditing Standards Board (ASB) may affect audits of the financial statements of banks and savings institutions. Further, the nature, timing, and extent of audit procedures applied in a financial statement audit is ultimately determined by the independent accountant in the circumstances. The procedures discussed in the auditing section of the guide are not intended to be comprehensive and, performed by themselves, would not necessarily constitute an audit in accordance with generally accepted auditing standards (GAAS). Nor would omission of certain procedures set forth in the guide necessarily result in a violation of GAAS. The internal control structure over financial reporting and possible tests of controls are discussed in the context of a financial statement audit. While they may correspond to internal controls that are the subject of procedures performed in an engagement performed in accordance with SSAEs, they are not presented in that context and are not intended to address the considerations of such an engagement. The accounting and financial reporting provisions of this guide describe current authoritative literature (or practice where no such literature exists) rather than establish new principles. Accordingly, effective dates should be applied as provided for in the related literature. The disclosures about regulatory matters shall be effective for financial statements issued for years beginning after December 15, 1994. The accounting and financial reporting provisions of this guide need not be applied to immaterial items. The auditing provisions of this guide shall be applied prospectively to audits of depository institutions' financial statements for fiscal years beginning after December 15, 1994.

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Bank examination -- Standards -- United States; Savings and loan associations -- United States -- Auditing; Savings and loan associations -- United States -- Accounting


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 and accounting guide : banks and savings institutions;Banks and savings institutions; Exposure draft (American Institute of Certified Public Accountants), 1994, Aug. 31



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