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This AICPA Practice Aid updates the previous edition of Audits of Futures Commission Merchants, Introducing Brokers, and Commodity Pools and provides guidance for audits of futures commission merchants, introducing brokers, and commodity pools (collectively referred to as commodity entities). This Practice Aid is intended to provide practitioners with nonauthoritative practical guidance related to the special matters unique to the regulatory, accounting, and auditing aspects of this industry. It includes an overview of the commodity industry, and a discussion of a commodity entity's functions, books and records, including regulatory recordkeeping requirements.
This Second Edition, prepared by the Commodity Practice Aid Task Force, has been revised to provide industry specific guidance for commodity entities. It includes exhibits containing both sample letters and sample reports, to assist independent accountants in reporting on the financial statements and other written assertions of commodity entities.