Audit and Accounting Guide Depository and Lending Institutions : Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies.

Description

Annotation The 2017 edition of this industry standard resource offers clear and practical guidance of audit and accounting issues such as transfers and servicing, troubled debt restructurings, financing receivables and the allowance for loan losses, and fair value accounting. It also provides direction for institutions assessing their operations and internal controls for regulatory considerations as well as discussions on existing regulatory reporting matters. Updates include: SAS No. 132, The Auditors Consideration of an Entity's Ability to Continue as a Going Concern SSAE No. 18, Attestation Standards: Clarification and Recodification Note: FASB ASU No. 2016-13 will have a significant impact on the guide; however, incorporation of guidance will not occur until the 2018 or 2019 edition of the guide.  Read more... Title page Copyright Preface Chapter 1 Industry Overview-Banks and Savings Institutions Description of Business Regulation and Oversight Regulatory Background Deposit Insurance Fund The Dodd-Frank Act Regulatory Capital Matters Capital Adequacy Prompt Corrective Action Annual Independent Audits and Reporting Requirements Additional Regulatory Requirements Concerning the Sarbanes-Oxley Act, Corporate Governance, and Services Outsourced to External Auditors Other Reporting Considerations Chapter 2 Industry Overview-Credit Unions Description of Business The Board of Directors. The Supervisory CommitteeThe Credit Committee Charters, Bylaws, and Minutes Financial Structure Credit Union System Corporate Credit Unions Regulation and Oversight Government Supervision NCUA Regulatory Capital Matters Natural Person Credit Unions Corporate Credit Unions Annual Audits Other Reporting Considerations Chapter 3 Industry Overview-Finance Companies Description of Business Debt Financing Regulation and Oversight Chapter 4 Industry Overview-Mortgage Companies Description of Business Regulation and Oversight Reporting Considerations HUD Programs. Asset Servicing for InvestorsChapter 5 Audit Considerations and Certain Financial Reporting Matters Overview An Audit of Financial Statements Audit Risk Terms of Engagement Audit Planning Materiality Performance Materiality Use of Assertions in Assessment of Risks of Material Misstatement Risk Assessment Procedures Risk Assessment Procedures and Related Activities Understanding the Entity and Its Environment, Including the Entity's Internal Control Risk Assessment and the Design of Further Audit Procedures Identifying and Assessing the Risks of Material Misstatement. Designing and Performing Further Audit ProceduresEvaluation of Misstatements Identified During the Audit Audit Documentation Timely Preparation of Audit Documentation Documentation of the Audit Procedures Performed and Audit Evidence Obtained Assembly and Retention of the Final Audit File Using the Work of an Auditor's Specialist Using the Work of a Management's Specialist Processing of Transactions by Service Organizations Consideration of Fraud in a Financial Statement Audit Professional Skepticism Discussion Among the Engagement Team. Risk Assessment Procedures and Related ActivitiesIdentification and Assessment of the Risks of Material Misstatement Due to Fraud Responses to the Assessed Risks of Material Misstatement Due to Fraud Evaluation of Audit Evidence Auditor Unable to Continue the Engagement Communications to Management and With Those Charged With Governance Communications to Regulatory and Enforcement Authorities Documentation Compliance With Laws and Regulations Responsibility for Compliance With Laws and Regulations The Auditor's Consideration of Compliance With Laws and Regulations.