New Audit and Accounting Guide Updates Oil and Gas Reporting Procedures

The AICPA has issued a new edition of the audit and accounting guide Entities With Oil and Gas Producing Activities.

The guide has been significantly revised to incorporate the provisions related to the SEC’s modernization of its oil and gas reporting disclosures, which align its disclosure requirements with current practices and changes in technology, as well as the updated requirements of FASB ASC Topic 932, Extractive Activities—Oil and Gas.

The guide can be purchased from tinyurl.com/5r2yzxv; by calling 888-777-7077 and referencing product no. 0126510; or by visiting cpa2biz.com and entering 0126510 in the search box.

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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.

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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.

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