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This Audit Risk Alert is intended to provide auditors of financial statements of depository and lending institutions with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. This alert can also be used by an entity's internal management to address areas of audit concern. This alert is an important tool in helping you identify the significant risks that may result in the material misstatement of financial statements. Moreover, this alert delivers information about emerging practice issues and current accounting and auditing developments.
This alert includes discussion of recent economic events including the Emergency Economic Stabilization Act of 2008 and provides regulatory updates for the federal bank, thrift, and credit union regulatory agencies. You will also find information on recently issued accounting and auditing standards such as:
In addition to information on new technical developments, you will find information on the following industry issues that continue to be important as economic conditions deteriorate such as accounting for and auditing allowance for loan losses and other than temporary impairments.
You will also find information on emerging issues such as:
This publication is an other auditing publication as defined in AU section 150. Other auditing publications have no authoritative status; however, they may help the auditor understand and apply the Statements on Auditing Standards. The auditing guidance in this document has been reviewed by the AICPA Audit and Attest Standards staff and published by the AICPA and is presumed to be appropriate. This document has not been approved, disapproved, or otherwise acted on by a senior technical committee of the AICPA.
Content refers to previous edition
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Content refers to previous edition
How This Alert Helps You
.01 This Audit Risk Alert (alert) helps you plan and perform your audits of financial institutions and other lenders. This alert can also 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 in helping you identify the significant risks that may result in the material misstatement of financial statements. Moreover, this alert delivers information about emerging practice issues and current accounting, auditing, and regulatory developments.
.02 This alert is intended to be used in conjunction with Comprehensive Audit Risk Alert—2008 (product no. 022339kk). This alert can be obtained by calling the AICPA at (888) 777-7077 or visiting www.cpa2biz.com. 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.
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