General Accounting and Auditing Developments - 2012/2013 Audit Risk Alert

Ensure you have a full understanding of the recently issued clarified auditing standards and information about emerging practice issues and current accounting, auditing, and regulatory developments.

The AICPA General Accounting and Auditing Developments Audit Risk Alert contains a summary of all of the substantive and primarily clarifying changes in the auditing standards from the Clarity Project.  This AICPA Audit Risk Alert helps you plan and perform your audits and can also be used by an entity’s internal management. It provides information to assist you in achieving a more robust understanding of the business, economic, and regulatory environments in which you or your clients operate. It is an important tool to help you identify the significant risks that may result in the material misstatement of financial statements.

You will find new accounting and auditing guidance in this alert, in the areas of:

• Fair Value Measurements
• Comprehensive Income
• Intangibles—Goodwill and Other
• Property, Plant, and Equipment
• Communication with Audit Committees

This alert also includes information on emerging issues such as:

• Recent Economic Trends
• Recent Legislative and SEC Developments
• FASB and IASB Convergence Projects
• Committee of Sponsoring Organizations of the Treadway Commission (COSO)

To comply with the professional standards, auditors need to understand the industry, regulatory, and other external factors that affect the entity and its environment. This helps you identify those factors and how they may be a source of risk. You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your engagements.