Investment Companies — Checklist Supplement and Illustrative Financial Statements

    .01 AICPAdisclosure checklists have been designed as practice aids to assist accountants in the preparation of financial statements and to assist auditors in their evaluation of the adequacy of disclosures in the financial statements they audit. Authoritative literature does not require the use of checklists, nor does it prescribe their format or content.

    .02 This checklist consists of a number of questions or statements that are accompanied by references to the established sources of generally accepted accounting principles in which the disclosure requirements are found. These sources include Financial Accounting Standards Board (FASB) Statements of Financial Accounting Standards, FASB interpretations, FASB Staff Positions, Emerging Issues Task Force consensuses, AICPA Audit and Accounting Guides, and AICPA Statements of Position. Checklists are designed to serve as convenient memory aids but should not be used as a substitute for direct reference to authoritative literature. References are made to the AICPA's Professional Standards publication. When referencing professional standards, this checklist cites section numbers and not the original statement number, as appropriate.

    .03 To use this checklist, simply check "Yes," "No," or "N/A" for each question. If additional information needs to be documented, include separate cross-referenced memoranda.

    .04 As you use this checklist, please remember that

• The exercise of sound professional judgment is of paramount importance in applying the checklist provisions.
• The checklist may require modification based on the engagement circumstances.
• The checklist may not be all-inclusive.
• Users need to modify the checklist for any pronouncements issued subsequent to those mentioned in the checklist.

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