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Entities of all sizes may be subject to risks of material misstatement when using financial instruments. This Audit Guide provides an in-depth understanding of financial instruments, as well as practical assistance for auditors to develop an effective audit approach to address such risks.
Detailed implementation guidance is provided for assessing an entity’s internal control and responding to associated risks, as well as guidance on reporting considerations. A series of case studies is provided to help you understand and apply the concepts specific to financial instruments, including the use of service organizations and accounting for hedging activities.
This AICPA Audit Guide was developed by leading auditing and financial instrument experts in public practice to provide CPAs with foundational information on financial instruments and related audit considerations.
The following audit and accounting updates affecting financial instruments have been considered and discussed as appropriate.
In addition to covering auditing standards to address all areas of the audit, the following standards are discussed in greater detail throughout this guide to address audit considerations unique to financial instruments:
Who Will Benefit:
Entities of various sizes and across industries use financial instruments for hedging, investment, and trading purposes. Because of the inherent risks and complexities around this topic, it is critical to consider specific audit considerations and be able to address the risk of material misstatement to perform an effective audit of these financial instruments. This comprehensive guide has been designed to be beneficial for those practicing in small, regional, and large auditing firms.