Auditing


The ASB issues Statement on Auditing Standards no. 101, Auditing Fair Value Measurements and Disclosures. It addresses audit considerations relating to the measurement and disclosure of assets, liabilities and specific components of equity presented or disclosed at fair value in financial statements. The SAS is effective for audits of financial statements for periods beginning on or after June 15, 2003, although the board permits earlier application. Copies of the SAS (product no. 060703) can be ordered from the AICPA at 888-777-7077.

The Institute’s audit and attest standards team releases nonauthoritative guidance in the form of a free tool kit, Auditing Fair Value Measurements and Disclosures. It includes practical recommendations, illustrative audit programs and disclosure checklists to help auditors understand and apply statements on auditing standards when auditing fair value measurements and disclosures relating to business combinations, goodwill and certain impairment situations. The tool kit can be downloaded from the AICPA Web site at www.aicpa.org/download/auditstd/finaltoolkit.pdf .

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States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.