Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies -- AICPA Audit & Accounting

This AICPA Audit and Accounting Guide has been updated to reflect the new standards resulting from the Clarity Project. Fully incorporating the clarified auditing standards into this edition of the guide enables auditors to further their understanding of these recently issued auditing standards, as well as begin updating their audit methodologies, resources, and tools prior to the clarified auditing standards' effective date. Additionally, this approach gives auditors the opportunity to review and understand the changes made by their third-party audit methodology and resource providers, if applicable. The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits).

Updates significant to this edition include technical guidance contained in: FASB ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs; FASB ASU No. 2010-26, Financial Services - Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts; SAS Nos. 122 - 126 (referred to as clarified SASs); SSAE No. 16, Reporting on Controls at a Service Organization; andPCAOB Risk Assessment Standards Nos. 8 - 15.