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Proposed audit guide : audits of brokers and dealers in securities ;Audits of brokers and dealers in securities; Exposure draft (American Institute of Certified Public Accountants), 1982, Dec. 27
American Institute of Certified Public Accountants. Stockbrokerage Auditing Subcommittee
This proposed revised audit guide on brokers and dealers in securities was undertaken to reflect changes in industry practices and regulatory requirements that have occurred in recent years. The proposed guide describes operations, accounting practices and regulatory requirements unique to the brokerage industry, discusses unique aspects of the audit and illustrates the form and content of the financial statements and auditor's report. Also, the draft recommends new accounting and reporting practices relating to the valuation of future and forward transactions and unlisted options and to the presentation of subordinated debt and shareholders' equity in the financial statements. Significant changes in the guide are: 1. Discussion of the SEC's adoption of the FOCUS Report, which replaced the "Answers to Financial Questionnaire" with GAAP financial statements. 2. Prohibition against the combination of subordinated debt and shareholders' equity in the statement of financial condition. 3. An explanation of how to meet the SEC's requirements for a review of and report on internal accounting control and also meet the standards of SAS No. 30, "Reporting on Internal Accounting Control," and presentation of illustrative reports. 4. A new chapter discussing government and money market instruments, and a recommendation that all future and forward transactions should be marked-to-market currently, with the effect recorded in current results of operations. Also, the guide states that the gross amounts of future and forward commitments should be disclosed in the notes to financial statements rather than recording the future assets and liabilities. 5. Expanded discussion of listed options and a recommendation that unlisted options should be valued at fair value, as listed options currently are valued. 6. A discussion of the Commodity Futures Trading Commission in the chapter on commodities. 7. Presentation of illustrative financial statements and schedules that conform to the FOCUS reporting requirements and other SEC rules. 8. Illustrative auditors' reports on the financial statements and schedules that conform to the reporting guidance in SAS No. 29, "Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents." 9. Illustrative auditor's report qualified for a scope limitation, appropriate if the financial statements include securities valued by management and the auditor believes that, although the valuation procedures appear reasonable and the underlying documentation appropriate, the determination of fair value involves subjective judgment that is not susceptible to substantiation by auditing procedures.
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Accounting guidelines for the computer services industry; Exposure draft (American Institute of Certified Public Accountants), 1982, April 28
Association of Data Processing Service Organizations
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Proposed statement on standards for accounting and review services : communications between predecessor and successor accountants;Communications between predecessor and successor accountants; Exposure draft (American Institute of Certified Public Accountants), 1981, Jan. 23
American Institute of Certified Public Accountants. Accounting and Review Services Committee
This proposed statement amends SSARS 2, by deleting footnote 8 in paragraph 16 of that statement. This proposed statement would not change the basic position of SSARS 2 that a successor accountant is not required to communicate with a predecessor in connection with acceptance of an engagement to compile or review the financial statements of a nonpublic entity. This proposed statement requires the predecessor accountant to respond promptly and fully to such inquiries in ordinary circumstances.
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Proposed statement on standards for accounting and review services : reporting on compiled financial statements ;Reporting on compiled financial statements; Exposure draft (American Institute of Certified Public Accountants), 1981, Nov. 30
American Institute of Certified Public Accountants. Accounting and Review Services Committee
This proposed Statement amends the reporting standards for a compilation of financial statements by requiring that the accountant's report indicate that his compilation has been performed in accordance with standards established by the American Institute of Certified Public Accountants.
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Accounting for performance of construction-type and certain production-type contracts : July 15, 1981 : proposal to the Financial Accounting Standards Board; Statement of position 81-1;
American Institute of Certified Public Accountants. Accounting Standards Division
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Reporting practices concerning hospital-related organizations : August 1, 1981 : proposal to the Financial Accounting Standards Board to amend AICPA Industry audit guide, "Hospital audit guide."; Statement of position 81-2;
American Institute of Certified Public Accountants. Accounting Standards Division
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Statements of position of the Accounting Standards Division as of January 1, 1981
American Institute of Certified Public Accountants. Accounting Standards Division
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Proposed statement on auditing standards : reporting on condensed financial statements and selected financial data ;Reporting on condensed financial statements and selected financial data; Exposure draft (American Institute of Certified Public Accountants), 1981, Sept. 1
American Institute of Certified Public Accountants. Auditing Standards Board
This proposed Statement provides reporting guidance on (1) condensed financial statements derived from audited financial statements (such as the condensed year-end balance sheet that must be included in the quarterly report filed on SEC Form 10-Q); (2) selected financial data derived from audited financial statements that are required in certain SEC filings according to regulation S-K.
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Proposed statement on auditing standards : Special-purpose reports for use by other auditors ;Special-purpose reports for use by other auditors; Exposure draft (American Institute of Certified Public Accountants), 1981, Oct. 15
American Institute of Certified Public Accountants. Auditing Standards Board
This proposed Statement provides guidance on how, under certain crcumstances, one independent auditor might use a special-purpose report of another independent auditor because of its revlevance to his own examination and provides guidance on the preparation of such reports. The proposed SAS would require an independent auditor to determine whether significant transactions are processed or significant assets or liabilities are handled by an organization that provides accounting or custodial services to a client and to consider the division of control functions between the client organization and the service organization.
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Proposed statement on auditing standards : supplementary mineral reserve information ;Supplementary mineral reserve information; Exposure draft (American Institute of Certified Public Accountants), 1981, July 30
American Institute of Certified Public Accountants. Auditing Standards Board
This proposed Statement provides additional guidance in applying SAS No. 27, Supplementary Information Required by the Financial Accounting Standards Board to the mineral reserve information required by FASB Statement No. 39, Financial Reporting and Changing Prices: Specialized Assets--Mining and Oil and Gas. The disclosure of supplementary mineral reserve information is required of companies that are subject to the requirements of FASB Statement No. 33, Financial Reporting and Changing Prices.
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Proposed statement on auditing standards : working papers ;Working papers; Exposure draft (American Institute of Certified Public Accountants), 1981, Apr. 27
American Institute of Certified Public Accountants. Auditing Standards Board
This proposed Statement supersedes SAS No. 1, section 338, "Working Papers." The revision of section 338 was undertaken primarily because there is some confusion in the profession as to whether the section requires the preparation of working papers. The main purpose of the proposed SAS is to make it clear that working papers are required.
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Proposed audit guide : audits of banks;Audits of banks; Exposure draft (American Institute of Certified Public Accountants), 1981, Nov. 16
American Institute of Certified Public Accountants. Banking Committee
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.
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Proposed statement on standards for management advisory services : definitions and standards for MAS practice ;Definitions and standards for MAS practice; Exposure draft (American Institute of Certified Public Accountants), 1981, Mar. 18
American Institute of Certified Public Accountants. Management Advisory Services Executive Committee
This exposure draft is the first of a new series entitled Statements on Standards for Management Advisory Services that will be enforceable under the AICPA Rules of Conduct. The proposed statement identifies nine fundamental standards for MAS practice.
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Proposed accounting section : personal financial statements guide ;Personal financial statements guide; Exposure draft (American Institute of Certified Public Accountants), 1981, June 1
American Institute of Certified Public Accountants. Personal financial statements committee
This exposure draft is a proposed revision of the accounting guidance in the 1968 AICPA Industry Audit Guide, Audits of Personal Financial Statements. This draft recommends and supports the use of estimated current value as the basis of measurement in personal financial statements and presents guidelines for determining estimated current value in those statements.
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Rule 502 - Adverstising and other forms of solicitation: Proposed interpretation 502-4 - Self-designation as expert or specialist; Exposure draft (American Institute of Certified Public Accountants), 1981, March 12
American Institute of Certified Public Accountants. Professional Ethics Division. Executive Committee
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Proposed statement on standards for accounting and review services : financial statements included in certain prescribed forms;Financial statements included in certain prescribed forms; Exposure draft (American Institute of Certified Public Accountants), 1980, Sept. 30
American Institute of Certified Public Accountants. Accounting and Review Services Committee
The proposed statement, which will amend certain paragraphs of SSARS 1, makes it clear that the accountant's reporting obligation, discussed in paragraphs 5 through 7, of SSARS 1, extends to the compilation or review of financial statements included in a prescribed form but it provides a modified form of standard compilation report when the prescribed form or related instructions call for departure from generally accepted accounting principles (including disclosures) or, where applicable, from a comprehensive basis of accounting other than generally accepted principles.
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Accounting for real estate acquisition, development, and construction costs : proposal to the Financial Accounting Standards Board. December 22, 1980; Statement of position 80-3;
American Institute of Certified Public Accountants. Accounting Standards Division
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Accounting for title insurance companies : proposal to the Financial Accounting Standards Board. January 31, 1980; Statement of position 80-1;
American Institute of Certified Public Accountants. Accounting Standards Division
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Statements of position of the Accounting Standards Division as of January 1, 1980
American Institute of Certified Public Accountants. Accounting Standards Division
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Proposed statement on auditing standards : Adequacy of disclosure in financial statements;Adequacy of disclosure in financial statements; Exposure draft (American Institute of Certified Public Accountants), 1980, Feb. 29
American Institute of Certified Public Accountants. Auditing Standards Board
The proposed Statement would supersede SAS No. 1, section 430 "Adequacy of Informative Disclosure." The proposed Statement does not modify the basic concepts of section 430. However, section 430 is being replaced to eliminate guidance that is no longer applicable and to achieve consistency with subsequent authoritative pronouncements, such as SAS Nos. 12 and 17 and FASB Statement No. 5. Also, the proposed Statement provides additional guidance on the meaning of "practicable" in the disclosure context.
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Proposed statement on auditing standards : audit sampling;Audit sampling; Exposure draft (American Institute of Certified Public Accountants), 1980, Oct. 31
American Institute of Certified Public Accountants. Auditing Standards Board
The proposed SAS provides guidance on the use of sampling in an audit of financial statements. The Statement includes guidance for planning, performing, and evaluating the two general approaches to audit sampling: nonstatistical and statistical. The proposed SAS recognizes that the auditor often is aware of information that allows him to concentrate his effort on account balances and transactions that may be more likely to contain errors or irregularities. The guidance in this proposed SAS should be especially helpful to the auditor who is planning procedures to test balances and transactions about which the auditor has no special knowledge.
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Proposed statement on auditing standards : Letters for underwriters and interim reviews ... Reports relating to the results of applying agreed-upon procedures to specified elements, accounts, or items of a financial statement ;Letters for underwriters and interim reviews;Reports relating to the results of applying agreed-upon procedures to specified elements, accounts, or items of a financial statement; Exposure draft (American Institute of Certified Public Accountants), 1980, Aug. 29
American Institute of Certified Public Accountants. Auditing Standards Board
The first Statement amends Statement on Auditing Sandards No. 1, section 630, "Letters for Underwriters"; Section 710, "Filings under Federal Securities Statutes"; and SAS No. 24, Review of Interim Financial Information. The amendments are proposed in response to changes in professional standards and rules of the Securities and Exchange Commission, relating primarily to an accountant's review of interim financial information. The second proposed Statement amends SAS No. 14, "Special Reports," paragraphs 15-17 to permit an accountant's report on the results of applying agreed-upon procedures to specified elements, accounts, and items of a financial statement to be accompanied by the entity's statements. This amendment also revises the language of the sample accountants' reports.
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Proposed statement on auditing standards : The auditor's considerations when a question arises about an entity's continued existence;Auditor's considerations when a question arises about an entity's continued existence; Exposure draft (American Institute of Certified Public Accountants), 1980, March 24
American Institute of Certified Public Accountants. Auditing Standards Board
Under generally accepted accounting principles, continuation for an entity is usually assumed in the absence of information to the contrary. The proposed Statement describes the types of contrary information that may raise questions about an entity's ability to continue and factors that may mitigate such information and describes the auditor's related considerations, including consideration of relevant plans of management and prospective data. The proposed Statement also discusses the adequacy of informative disclosures and the effects on the auditor's report when a question has been raised about an entity's ability to continue in existence. The proposed Statement does not, however, change existing standards for the auditor's reporting responsibilities.
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Proposed statement on auditing standards : The auditor's standard report ;Auditor's standard report; Exposure draft (American Institute of Certified Public Accountants), 1980, Sept. 10
American Institute of Certified Public Accountants. Auditing Standards Board
The proposed statement concerns the content and wording of the standard report on audited financial statements and it would make seven changes in the current form of the report. These changes are intended to give a clearer indication of the character of the audit and the degree of responsibility the auditor is taking by having the report state certain concepts that currently exist in authoritative accounting and auditing literature but are only implied in the current form of the report.
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Proposed statement on auditing standards : interim financial information required by SEC regulation S-K ;Interim financial information required by SEC regulation S-K; Exposure draft (American Institute of Certified Public Accountants), 1980, Nov. 20
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This proposed Statement on Auditing Standards consists of revisions of SAS No. 24, Review of Interim Financial Information. The revisions are in response to recently adopted changes in Regulation S-K of the Securities and Exchange Commission. The changes proposed in this exposure draft are primarily technical in nature and are not expected to result in major changes in reporting practices.
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Proposed audit guide : audits of banks;Audits of banks; Exposure draft (American Institute of Certified Public Accountants), 1980, Dec. 4
American Institute of Certified Public Accountants. Banking Committee
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. Furthermore, it should provide officers and directors of banks and other interested persons with a better understanding of the nature and scope of bank audits conducted by independent CPAs. In the last decade, many changes have occurred within the banking industry. Bank supervisory authorities have taken substantial steps to improve reporting by banks. Bank holding companies have become a major force within the industry, and the range of services offered by banking institutions has expanded. In addition, the supervisory authorities have expressed increased interest in reliance on examinations by independent CPAs. Furthermore, since 1971, the Securities and Exchange Commission (SEC) has required audits of the financial statements of banks included in filings with the SEC. In light of these developments, the American Institute of Certified Public Accounts (AICPA) Committee on Banking (Committee) has undertaken a revision of the banking industry audit guide, Audits of Banks, originally published in 1968 and supplemented in 1969. This guide is a complete revision of that publication. This guide emphasizes aspects of accounting and auditing unique to the banking industry. It reflects the presumption that the CPA has knowledge in areas of accounting and auditing common to business enterprises in general. The discussions in the sections relating to auditing are designed to present typical situations in banking, including some important questions the CPA should consider in his review of internal accounting controls of banks. However, those discussions do not necessarily cover all situations a CPA might encounter. 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. In addition, the CPA should be familiar with any auditing or accounting interpretations issued subsequent to the original pronouncements and related amendments.
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Proposed content specification outlines for the uniform Certified Public Accountant examination; Exposure draft (American Institute of Certified Public Accountants), 1980, March 10
American Institute of Certified Public Accountants. Board of Examiners
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Proposed audit guide: audits of airlines ;Audits of airlines; Exposure draft (American Institute of Certified Public Accountants), 1980, Oct. 31
American Institute of Certified Public Accountants. Civil Aeronautics Subcommittee
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.
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Accounting and financial reporting by governmental units : amendment to AICPA Industry audit guide, Audits of state and local governmental units; Statement of position 80-2;
American Institute of Certified Public Accountants. Committee on State and Local Government Accounting
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Audit and accounting guide for construction contractors; Exposure draft (American Institute of Certified Public Accountants), 1980, Jan. 5
American Institute of Certified Public Accountants. Construction Contractor Guide Committee
This guide supersedes the AICPA industry audit guide, Audits of Construction Contractors, which was published in 1965 as a combination of an accounting guide and an auditing guide that the AICPA had published separately in 1959. Since its issuance, Audits of Construction Contractors has served as an authoritative guide for accounting, auditing, and financial reporting in the construction industry; within the industry, both issuers and users of financial statements use the guide as a manual. However, since the guide was issued, the construction industry and the environment of business and financial reporting have changed substantially. The size, sophistication, and complexity of the industry have increased over the years, and the industry is still growing in each of these ways. Growth in the U.S. economy has produced changes in the forms and uses of contractual arrangements for the production and delivery of goods and services. Changes in the business and financial reporting environments have increased the complexities of accounting for contracts and created the need for additional guidance in the application of generally accepted accounting principles and generally accepted auditing standards in the construction industry. For example, the increasing tendency of contractors to combine in a joint venture in order to perform an individual contract or series of contracts creates questions that need to be addressed and resolved. Official pronouncements establishing generally accepted accounting principles and generally accepted auditing standards have been issued at an increasing rate. Since the original material included in Audits of Construction Contractors was prepared, all the opinions and statements of the AICPA Accounting Principles Board (APB) and the statements and interpretations of its successor body, the Financial Accounting Standards Board (FASB), have been issued. The AlCPA's study group on the objectives of financial statements and the FASB have clarified and expanded the objectives of financial statements and financial reporting. The Securities and Exchange Commission (SEC) has issued numerous accounting series releases and staff accounting bulletins on financial accounting and reporting. The AICPA Accounting Standards Division has issued a number of recommendations. The AICPA Auditing Standards Board and its predecessors have issued numerous pronouncements that have significantly expanded the interpretations of generally accepted auditing standards. Those pronouncements affect in numerous ways financial reporting and auditing in the construction industry but are not covered in the 1965 guide. This guide applies to financial reporting and auditing in the construction industry, although the guidance provided may be useful in other industries for companies whose business involves construction-type contracts. It has been prepared: 1. To provide background information on the nature and characteristics of the construction industry. 2. To update the previous guide to cover all pertinent pronouncements to date of the APB, FASB, SEC, and other standard-setting bodies. 3. To assist contractors in applying generally accepted accounting principles. 4. To assist the independent auditor in applying generally accepted auditing standards and his knowledge of generally accepted accounting principles to his determination of whether generally accepted accounting principles have been applied by management, which has the primary responsibility for financial statements. A statement of position, Accounting for Performance of Construction-Type and Certain Production-Type Contracts, is being issued concurrently with this guide. The statement of position is included as an appendix to this document, and its recommendations on accounting for performance of construction-type contracts are an integral part of this guide.
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Proposed audit guide : audits of employee benefit plans ;Audits of employee benefit plans; Exposure draft (American Institute of Certified Public Accountants), 1980, June 30
American Institute of Certified Public Accountants. Employee Benefit Plans and ERISA Special Committee
The proposed guide provides guidance to the independent auditor in examining and reporting on the financial statements of employee benefit plans, including defined benefit pension plans, defined contribution plans, and health and welfare benefit plans. In March 1980 the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 35, Accounting and Reporting by Defined Benefit Pension Plans, which established generally accepted accounting principles for defined benefit pension plans and prescribed the general form and content of financial statements of those plans. Chapter 2 of this guide describes the principal provisions of FASB Statement No. 35; however, it should be noted that we are not requesting comments on the requirements established by the FASB. Guidance on accounting for defined contribution plans and health and welfare benefit plans is not included in this exposure draft. The Employee Benefit Plans and ERISA Committee is developing papers discussing the accounting issues related to those types of plans and including advisory conclusions for consideration by the FASB. The ultimate form of any accounting guidance will be determined by the FASB. In any event, the AICPA and the FASB will follow appropriate due process, including exposure for comments, before publishing guidance with respect to those accounting issues. The exposure draft contains guidance on auditing procedures with respect to defined contribution plans and health and welfare benefit plans, but, depending on the resolution of the accounting issues, additional guidance on auditing procedures for those types of plans may be needed. Chapter 7 provides guidance on the auditor's procedures with respect to a plan's investments, including investments held in discretionary trusts, common or commingled trust funds, master trusts, and insurance company individual and pooled separate accounts. Based on responses to an issues paper by the AICPA Auditing Standards Division, "Employee Benefit Plans: Auditing Procedures for Bank Trusteed Assets and Related Transactions and Supplemental Issue" (April 30, 1977), the guide includes, as an alternative procedure, the obtaining of another independent accountant's report on the trust or insurance company's internal accounting controls relating to investments held on behalf of, or for the benefit of, the plan. Such reports are commonly referred to as "single-auditor reports." A task force of the AICPA Auditing Standards Board is developing guidance on the preparation of a single-auditor report. Chapter 10 discusses the auditor's responsibility and procedures to be applied to actuarial determinations affecting such matters as plan contributions and accumulated plan benefits. The guidance was derived from Statement on Auditing Standards No. 11 (AU section 336), Using the Work of a Specialist. SAS No. 11 requires the auditor to test census data provided by the plan and used by the actuary, to obtain satisfaction regarding the professional qualifications and reputation of the actuary, to obtain an understanding of the actuary's methods and assumptions, and to consider whether the actuary's findings support the related representations in the financial statements. The appropriateness of the methods and assumptions used and their application are within the expertise of the actuary, and the auditor is not required to perform additional auditing procedures with respect to the actuary's determinations. Furthermore, SAS No. 11 prohibits the auditor from making reference in his report to his use of the actuary's work. Some accountants believe that the auditor should either (a) be required to extend his procedures beyond those required by SAS No. 11 to test the application and to satisfy himself about the appropriateness of the actuarial methods and assumptions or (b) be permitted to rely on the report of the actuary and to refer to the actuary in the auditor's report. (Such a reference is not currently permitted by SAS No. 11.) They believe that the auditor's lack of expertise in actuarial concepts and practices and the cost of applying extended procedures to actuarial determinations make reliance on, and reference to, the actuary the preferable alternative.
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Proposed statement of position : accounting for mortgage guaranty insurance ;American Institute of Certified Public Accountants. Insurance Companies Committee; Exposure draft (American Institute of Certified Public Accountants), 1980, Oct. 15
American Institute of Certified Public Accountants. Insurance Companies Committee
Mortgage guaranty insurance was excluded from SOP 78-6 because it is significantly different from other forms of property and liability insurance in that the coverage is long-term in nature and most policies do not have level annual premiums. This Statement discusses issues relating to accounting for mortgage guaranty insurance with the exception of (a) whether loss reserves should be discounted and (b) whether anticipated investment income should be considered in computing premium deficiencies
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Proposed guide : The audits of certain nonprofit organizations ;Audits of certain nonprofit organizations; Exposure draft (American Institute of Certified Public Accountants), 1980, July 15
American Institute of Certified Public Accountants. Nonprofit Organizations Subcommittee
This guide provides guidance to the independent auditor in examining and reporting on the financial statements of nonprofit organizations not covered by the guides on hospital, Colleges and universities, voluntary health and welfare organizations, and state and local governmental units. This guide is directed toward those aspects of the examination of nonprofit organizations' financial statements that are unique or are considered particularly significant to such an examination. Accordingly, this guide does not discuss comprehensively the examination of the financial statements of a nonprofit organization.
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Operational auditing by CPA firms; Exposure draft (American Institute of Certified Public Accountants), 1980, June 18
American Institute of Certified Public Accountants. Special Committee on Operational and Management Auditing
Accounting firms were making reviews of client operations long before audits of financial statements became commonplace. However, the literature of the AICPA contains few references to and little guidance for operational audits ing, the term in general use for reviews of operations. The Special Committee on Operational and Management Auditing was appointed in 1978 to research the subject and develop appropriate information for Institute members. This report contains information on operational auditing engagements which the Special Committee believes will be of interest to practitioners. It has been prepared with the following objectives: 1. To define operational audit engagements and to provide descriptive information on engagements that may be referred to as such in an agreement on services to be rendered. 2. To describe important differences in approach between operational audits and financial audits. When the AICPA formed the Special Committee on Operational and Management Auditing, with members suggested by its Auditing Standards, Management Advisory Services (MAS), and Federal Government Divisions, it was asked to consider questions such as: a. What is operational auditing? b. What are the similarities and differences between an operational audit and an audit of financial statements? c. To what extent do professional standards apply to operational audits? d. What measurement criteria might be used in operational audits? e. What form of report may be appropriate for operational audits? This document responds to these questions and tries to cover, as well, the unasked questions that we, as practitioners, would want answered. The content is not intended to be authoritative, but simply to provide information that would be useful to those who wish to become more familiar with the nature of operational audits and with the role of the CPA firm that provides operational auditing services. For those operational audit engagements which would be subject to the Standards for Audit of Governmental Organizations, Programs, Activities, and Functions, issued by the United States General Accounting Office, review of that publication and the AICPA publication, Guidelines for CPA Participation in Government Audit Engagements to Evaluate Economy, Efficiency, and Program Results, would be helpful.
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Proposed statements on auditing standards : supplementary information on the effects of changing prices : supplementary oil and gas reserve information;Supplementary information on the effects of changing prices;Supplementary oil and gas reserve information; Exposure draft (American Institute of Certified Public Accountants), 1979, Dec. 31
American Institute of Certified Public Accountants. Accounting Standards Board
The proposed Statement on Auditing Standards on supplementary information on the effects of changing prices should be applied in conjunction with SAS No. 27 and is applicable in an examination in accordance with generally accepted auditing standards of financial statements of an entity subject to FASB Statement No. 33 or of an enity that voluntarily presents the information prescribed by that statement. The proposed SAS on supplementary oil and gas reserve quantity information offers reporting guidance for situations in which the application of the procedures causes the auditor to believe that the information may not be measured or presented within the applicable guidelines.
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Accounting by cable television companies : proposal to the Financial Accounting Standards Board; Statement of position 79-2;
American Institute of Certified Public Accountants. Accounting Standards Division
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Accounting for motion picture films : proposal to the Financial Accounting Standards Board to amend AICPA industry accounting guide Accounting for motion picture films; Statement of position 79-4;
American Institute of Certified Public Accountants. Accounting Standards Division
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Statement of position: accounting for investments of stock life insurance companies : proposal to the Financial Accounting Standards Board to amend AICPA industry audit guide: Audits of stock life insurance companies; Statement of position 79-3;
American Institute of Certified Public Accountants. Accounting Standards Division
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Statement of position: accounting for municipal bond funds : proposal to the Financial Accounting Standards Board to amend AICPA industry audit guide, Audits of investment companies; Statement of position 79-1;
American Institute of Certified Public Accountants. Accounting Standards Division
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Statements of position of the Accounting Standards Division as of January 1, 1979
American Institute of Certified Public Accountants. Accounting Standards Division
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Proposed statement on auditing standards : Association with financial statements;Association with financial statements; Exposure draft (American Institute of Certified Public Accountants), 1979, May 31
American Institute of Certified Public Accountants. Auditing Standards Board
The first Statement on Standards for Accounting and Review Services (SSARS) , Compila-tion and Review of Financial Statements, was issued in December 1978. It provides guidance for reporting on unaudited financial statements of nonpublic entities . It is effective for reports on financial statements for periods ending on or after July 1, 1979. In light of these developments, the AICPA Auditing Standards Board is proposing the accompanying changes to existing AICPA pronouncements applicable to unaudited financial statements. The AICPA also plans to withdraw the publication Guide For Engagements of CPAs to Prepare Unaudited Financial Statements on July 1, 1979. The proposed SAS defines association as it is used in the fourth reporting standard and identifies the professional standards applicable when an accountant is associated with (1) the financial statements of a public entity or (2) a nonpublic entity's financial statements he has been engaged to examine in conformity with generally accepted auditing standards . It is not applicable to situations covered by SSARS No. 1. The proposed SAS also provides guidance for reports on comparative financial statements when only one period has been audited. A proposed Statement on Standards for Accounting and Review Services entitled Reporting on Comparative Financial Statements is also being exposed to provide guidance for reporting on comparative financial statements of a nonpublic company that have been compiled or reviewed.
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Proposed statement on auditing standards, financial statement assertions, related audit objectives, and the design of substantive tests;Financial statement assertions, related audit objectives, and the design of substantive tests; Exposure draft (American Institute of Certified Public Accountants), 1979, Dec. 31
American Institute of Certified Public Accountants. Auditing Standards Board
The proposed Statement describes the broad categories of financial statement assertions referred to in SAS No. 1, section 330, "Evidential Matter," and provides guidance to the auditor on how to consider them in (a) developing audit objectives and (b) designing substantive tests to achieve those objectives. The proposed Statement does not modify section 330 but provides additional guidance to help the auditor in selecting procedures in specific circumstances.
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Proposed statement on auditing standards : Reporting on internal accounting control;Reporting on internal accounting control; Exposure draft (American Institute of Certified Public Accountants), 1979, Dec. 31
American Institute of Certified Public Accountants. Auditing Standards Board
The proposed SAS would provide guidance in connection with an engagement to report on whether an entity's system, taken as a whole, was sufficient to meet the objectives of internal accounting control. This would be a voluntary service and not mandated as part of an audit. The proposed SAS would also provide guidance on reports based solely on a study and evaluation of internal accounting control that was made as part of an audit of the entity's financial statements and on reports based on pre-established criteria of regulatory agencies. Distribution of these reports is to be restricted to an entity's management, specified regulatory agencies, or other specified third parties. The proposed SAS would supersede SAS No. 1, sections 640, "Reports on Internal Control," and 641, "Reports on Internal Control Based on Criteria Established by Governmental Agencies."
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Proposed statement on auditing standards : The relationship of generally accepted auditing standards to quality control standards Proposed statement on quality control standards : System of quality control for a CPA firm;Relationship of generally accepted auditing standards to quality control standards;System of quality control for a CPA firm; Exposure draft (American Institute of Certified Public Accountants), 1979, April 17
American Institute of Certified Public Accountants. Auditing Standards Executive Committee and American Institute of Certified Public Accountants. Quality Control Standards Committee
The individual independent auditor is responsible for compliance with generally accepted auditing standards in an audit engagement. Rule 202 of the rules of conduct of the code of professional ethics of the American Institute of Certified Public Accountants requires members to comply with such standards when associated with financial statements. Quality control for a CPA firm, as referred to in this statement, applies to all auditing and accounting and review services for which professional standards have been established. Although the provisions of this statement may be applied to other segments of a firm's practice, such as providing tax services or management advisory services, their applicability to those segments of practice is not prescribed by this statement, except to the extent that such services are a part of the abovementioned auditing and accounting and review services
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Proposed statement of position : Accounting and financial reporting by governmental units : amendment to AICPA Industry audit guide, Audits of state and local governmental units ;Accounting and financial reporting by governmental units : amendment to AICPA Industry audit guide, Audits of state and local governmental units; Exposure draft (American Institute of Certified Public Accountants), 1979, May 22
American Institute of Certified Public Accountants. Committee on State and Local Government Accounting
In March 1979, the NCGA (now known as the National Council on Governmental Accounting) published a document entitled Governmental Accounting and Financial Reporting Principles (Statement 1). That document defines combined columnar financial statements by fund types and account groups as basic financial statements rather than financial statements of individual funds and account groups and also updates, clarifies, amplifies, and reorders other portions of GAAFR. Since the guide recognizes GAAFR, it is necessary to amend the guide to recognize Statement 1 as an authoritative modification of GAAFR.
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Proposed statement of position : accounting for performance of construction-type and certain production-type contracts;Accounting for performance of construction-type and certain production-type contracts; Exposure draft (American Institute of Certified Public Accountants), 1979, Dec. 21
American Institute of Certified Public Accountants. Construction Contractor Guide Committee
This statement of position provides guidance on the application of generally accepted accounting principles in accounting for the performance of contracts for the construction of facilities, the production of unique goods, or the provision of related services to a buyer's specifications. The determination of the point or points at which revenue should be recognized as expenses is a major accounting issue common to all business enterprises engaged in the performance of contracts of the types covered by this statement. Accounting for such contracts is essentially a process of measuring the results of relatively long-term events and allocating those results to relatively short-term accounting periods.
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American Institute of Certified Public Accountants. Forecasts and Projections Task Force;Review of a financial forecast; Exposure draft (American Institute of Certified Public Accountants), 1979, Nov. 23
American Institute of Certified Public Accountants. Forecasts and Projections Task Force
The proposed guide discusses procedures that an accountant should apply in a review of a financial forecast and provides guidance on the preparation of the accountant's report on the forecast. A financial forecast is defined in the proposed guide as an estimate of the most probable financial position of an entity, the results of its operations and changes in its financial position for one or more future periods. The "most probable" qualification means that the assumptions used have been evaluated by management and the forecast is based on management's judgment of the most likely set of conditions and its most likely course of action. The accountant would report on whether he believes that the assumptions used as a basis for management's forecast are reasonable. Nothing in the proposed guide precludes an accountant from accepting an engagement to perform other services related to forecasts or projections, but guidance for such other types of engagements is not provided. For example, the proposed guide does not apply to the preparation of a financial projection. (A projection is an estimate of financial results based on assumptions that are not necessarily the most likely. It is developed as responses to "what if?" questions.) Also, the guide does not apply to the development of information relative, for example, to demand for hospital services.
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Proposed statement of position on accounting for title insurance companies;Accounting for title insurance companies; Exposure draft (American Institute of Certified Public Accountants), 1979, March 16
American Institute of Certified Public Accountants. Insurance Companies Committee
The AICPA Insurance Companies Committee has reviewed existing accounting literature dealing with variances between (a) generally accepted accounting principles and (b) practices prescribed or permitted by insurance regulatory authorities as those practices relate to title insurance companies and has identified areas in which further clarification seems necessary. The committee has also identified certain areas that are not covered in present accounting literature. An exposure draft of a proposed statement of position on Accounting for Title Insurance Companies was issued for comment on May 1, 1978, and a public hearing on it was held on July 17, 1978. Comments received on the exposure draft and presentations made at the public hearing were considered in preparing this revised exposure draft.