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Need to know the important issues affecting the real estate and construction industries and how the current economic crisis affects these industries? This Audit Risk Alert focuses on emerging practice issues and current accounting and auditing developments.
Auditing in this challenging economic environment requires continually evaluating the importance of long-standing auditing standards directed at areas such as auditing fair value measurements, auditing accounting estimates, using the work of a specialist, going concern, and fraud—all of which get a fresh look in this alert. The current economic woes are stress testing the standards applicable to those areas and the critical thinking required to successfully apply them during the engagement.
The targeted discussions of recent economic, industry, technical, regulatory, and professional developments that may affect your audits will invigorate the audit team's brainstorming sessions required under AU sections 314 and 316 within the GAAS standards. Auditors, financial statement preparers, and management will find these same discussions helpful in identifying the significant risks that may result in the material misstatement of financial statements.
New accounting and auditing pronouncements and exposure drafts that are particularly significant to this alert and covered in just the right amount of detail include:
This alert also includes information on emerging issues such as:
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How This Alert Helps You
.01 This Audit Risk Alert (alert) helps you plan and perform your real estate and construction industry audits and also can be used by an entity's internal management to address areas of audit concern. This alert provides information to assist you in achieving a more robust understanding of the business, economic, and regulatory environments in which your clients operate. This alert is an important tool to help you identify the significant risks that may result in the material misstatement of financial statements and delivers information about emerging practice issues and current accounting, auditing, and regulatory developments. You should refer to the full text of accounting and auditing pronouncements, as well as the full text of any rules or publications that are discussed in this alert.
.02 Certain accounting guidance referenced in this alert has been codified into the Financial Accounting Standards Board (FASB) Accounting Standards Codification™ (ASC). On June 30, 2009, FASB issued FASB Statement No. 168, The FASB Accounting Standards Codification™ and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162. On the effective date of this statement, FASB ASC became the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the Securities and Exchange Commission (SEC). At that time, FASB ASC superseded all then-existing, non-SEC accounting and reporting standards for nongovernmental entities. Once effective, all other nongrandfathered, non-SEC accounting literature not included in FASB ASC became nonauthoritative. See the discussion of FASB ASC in the "Accounting Issues and Developments" section of this alert.
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