Audit and Accounting Guide - Depository and Lending Institutions

Preface

(Updated as of July 1, 2018)

About AICPA Audit and Accounting Guides

This AICPA audit and accounting guide has been developed by the AICPA Guides Combination Task Force to assist practitioners in performing and reporting on their audit or their attestation engagements, and to assist management in the preparation of their financial statements in conforming with U.S. generally accepted accounting principles (GAAP).

An AICPA Guide containing auditing guidance related to generally accepted auditing standards (GAAS) is recognized as an interpretive publication as defined in AU-C section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards.¹ Interpretive publications are recommendations on the application in specific circumstances, including engagements for entities in specialized industries.

Interpretive publications are issued under the authority of the AICPA Auditing Standards Board (ASB) after all ASB members have been provided an opportunity to consider and comment on whether the proposed interpretive publication is consistent with GAAS. The members of the ASB have found the auditing guidance in this guide to be consistent with existing GAAS.

Although interpretive publications are not auditing standards, AU-C section 200 requires the auditor to consider applicable interpretive publications in planning and performing the audit because interpretive publications are relevant to the proper application ...