Special Considerations in Auditing Financial Instruments - Audit Guide [Online Subscription]
This guide provides an in-depth understanding of financial instruments, as well as practical guidance for minimizing the risk of material misstatement when using financial instruments.
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Availability
1 year
Product Number
AAGAFIO
This guide is also available in a print edition.
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Get serious about auditing financial instruments
Entities of all sizes may be subject to risks of material misstatement when using financial instruments. Developed by leading auditing and financial instrument experts in public practice, this guide provides a foundational understanding of financial instruments, as well as practical assistance for auditors to develop an effective audit approach to address such risks.
Understand, implement and apply
Implementation guidance is provided for assessing an entity’s controls and response 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.
Recent updates
The following recent guidance has been incorporated into this edition of the guide:
- SAS No. 142, Audit Evidence
- SAS No. 143, Auditing Accounting Estimates and Related Disclosures
- SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
- FASB ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and related amendments
- FASB ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
- FASB ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
- Entities of various sizes and industries
- Small, regional, and large auditing firms
- Preparers and auditors of financial instruments used for hedging, investment, and trading
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