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The AICPA Audit Guide Special Considerations in Auditing Financial Instruments is brand new and was developed by leading auditing and financial instrument experts in public practice. It provides background information about financial instruments and discussion of audit considerations relating to financial instruments. This guide replaces the AICPA Audit Guide Auditing Derivative Instruments, Hedging Activities, and Investments in Securities to encompass a broader scope.
This Audit Guide has been written reflecting the new standards resulting from the Clarity Project. Fully incorporating the clarified auditing standards into this audit guide enables auditors to gain further understanding of these recently issued auditing standards, as well as begin updating their audit methodologies, resources, and tools. Additionally, this approach gives auditors the opportunity to review and understand the changes made by their third-party audit methodology and resource providers, if applicable. The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits).
This Audit Guide provides practical assistance to auditors and material that accounting firms can use in developing their training programs and internal guidance. This Audit Guide is relevant to entities of all sizes because all entities may be subject to risks of material misstatement when using financial instruments. This Audit Guide contains background information that is useful in gaining a more in-depth understanding of financial instruments. This Audit Guide provides detailed implementation guidance to auditors in assessing and responding to the risk of material misstatement related to financial instruments and provides guidance on reporting considerations relevant to financial instruments. The implementation auditing guidance in this Audit Guide is supplemented with a series of case studies.
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