ASB Issues Interpretation Regarding Insured Depository Institutions


The Auditing Standards Board has issued Interpretation no. 1, “Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement Act,” of AT section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements (AICPA, Professional Standards, vol. 1). The interpretation addresses whether the auditor can meet the requirement for an integrated audit (an examination of internal control over financial reporting that is integrated with an audit of financial statements) when an insured depository institution does not prepare financial statements for external distribution, and, if so, how the auditor can report on the effectiveness of the institution’s internal control over financial reporting. The interpretation is available at on the AICPA website.

More from the JofA:

 

 Find us on Facebook      Follow us on Twitter

 

SPONSORED REPORT

Scorecard preparation templates and tips

With Workiva, we've created a PowerPoint deck that helps you create your own scorecards -- quick reference reports used across organizations to update stakeholders on the performance of defined deliverables.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.