Title Details

Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards.
The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.

1 Industry Overview — Banks and Savings Institutions .01-112

Description of Business 01-07

Regulation and Oversight 08-63

Regulatory Capital Matters 64-85

Annual Independent Audits and Reporting Requirements 86-111

Other Reporting Considerations 112

2 Industry Overview — Credit Unions 01-62

Description of Business 01-10

Charters, Bylaws, and Minutes 11-17

Regulation and Oversight 18-23

Regulatory Capital Matters 24-54

Annual Audits 55-62

3 Industry Overview — Finance Companies .01-20

Description of Business 01-11

Regulation and Oversight 12-20

4 Industry Overview — Mortgage Companies .01-41

Description of Business 01-20

Regulation and Oversight 21-36

Reporting Considerations 37-41

5 Audit Considerations and Certain Financial Reporting Matters .01-267

Overview 01-09

Terms of Engagement 10-13

Audit Planning 14-15

Materiality 16-20

Performance Materiality 19-20

Use of Assertions in Assessment of Risks of Material Misstatement 21-22

Risk Assessment Procedures 23-75

Risk Assessment and the Design of Further Audit Procedures 76-98

Evaluation of Misstatements Identified During the Audit 99-101

Audit Documentation 102-108

Using the Work of an Auditor’s Specialist 109-114

Using the Work of a Management’s Specialist 115-118

Processing of Transactions by Service Organizations 119-121

Consideration of Fraud in a Financial Statement Audit 122-150

Compliance with Laws and Regulations 151-161

Going-Concern Considerations 162-189

Written Representations 175

Information Other Than Financial Statements 200-202

Certain Financial Reporting Matters 203-221

Regulation and Supervision of Depository Institutions 222-267

Regulatory Reporting Matters — Interpretation and Reporting Related to GAAP 253-257

Auditor and Examiner Relationship 258-267

6 Cash and Cash Equivalents 01-42

Introduction 01-.08

Accounting and Financial Reporting 09-33

Auditing 34-42

7 Investments in Debt and Equity Securities .01-166

Introduction 01-65

Regulatory Matters 66-82

Accounting and Financial 83-140

Auditing 141-166

8 Loans .01-.230

Introduction 01-56

Regulatory Matters 57-88

Accounting and Financial Reporting 89-181

Auditing 182-230

9 Credit Losses .01-111

Introduction 01-22

Regulatory Matters 23-37

Accounting and Financial Reporting 38-61

Auditing 62-111

10 Transfers and Servicing and Variable Interest Entities .01-123

Introduction 01-08

Regulatory Matters 09-15

Accounting and Financial Reporting 16-109

Auditing 110-123

11 Real Estate Investments, Real Estate Owned, and Other Foreclosed Assets .01-72

Introduction 01-03

Regulatory Matters 04-15

Accounting and Financial Reporting 16-54

Auditing 55-72

Chapter 12 Other Assets, Other Liabilities, and Other Investments 01-91

Introduction 01-10

Regulatory Matters 11-15

Accounting and Financial Reporting 16-76

Auditing 77-91

13 Deposits .01-70

Introduction 01-32

Regulatory Matters 33-40

Accounting and Financial Reporting 41-46

Auditing 47-70

14 Federal Funds and Repurchase Agreements 01-69

Introduction 01-25

Regulatory Matters 26

Accounting and Financial Reporting 27-47

Auditing 48-69

15 Debt .01-.77

Introduction 01-31

Regulatory Matters 32-33

Accounting and Financial Reporting 34-57

Auditing 58-77

16 Income Taxes .01-36

Introduction 01-13

Regulatory Matters 14-17

Accounting and Financial Reporting 18-30

Auditing 31-36

17 Equity and Disclosures Regarding Capital Matters .01-115

Introduction 01

Banks and Savings Institutions 02-46

Credit Unions 47-64

Corporate Credit Unions 65-79

Mortgage Companies and Mortgage Banking Activities 80-84

Regulatory Capital Matters for All Entities 85-88

Auditing 89-115

18 Derivative Instruments: Futures, Forwards, Options, Swaps, and Other Derivative Instruments 01-101

Introduction 01-69

Regulatory Matters 70-78

Accounting and Financial Reporting 79-100

Financial Statement Disclosures 95-100

Auditing Considerations 101

19 Business Combinations 01-41

Introduction 01

Regulatory Matters 02-07

Accounting and Financial Reporting 08-30

Auditing Considerations 31-41

20 Fair Value 01-71

Introduction 01

Accounting and Financial Reporting 02-66

Auditing Considerations 67-71

21 Trust and Asset Management Activities 01-30

Introduction 01-12

Regulatory Matters 13-14

Accounting and Financial Reporting 15-16

Auditing 17-30

22 Insurance Activities .01-.70

Introduction 01-10

Regulatory Matters 11

Accounting 12-.68

Auditing 69-70

23 Reporting Considerations .01-.38

Introduction 01

Forming an Opinion on the Financial Statements 02-04

Reports 05-37

Appendix A — Illustrative Unqualified PCAOB Reports 38

Appendix

A FDI Act Reporting Requirements

B Regulatory Reporting Matters — Interpretation and Reporting Related to U.S. GAAP

C Information Sources

D Overview of Statements on Quality Control Standards

E The New Leases Standard: FASB ASC 842

F Accounting for Financial Instruments

G Schedule of Changes Made to the Text from the Previous Edition Index of Pronouncements and Other Technical Guidance

Subject Index