New Audit Guide, Auditing Revenue in Certain Industries, Released.A new AICPA AICPA See American Institute of Certified Public Accountants (AICPA). Audit Guide, Auditing Revenue in Certain Industries (No. 012510CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. 09), has been published. The guide was developed in response to heightened concern in recent years that improper revenue recognition has contributed to a perceived erosion in the integrity of the financial reporting process. The guide is intended to help auditors fulfill their professional responsibilities with regard to auditing assertions about revenue and includes guidance on selected industries that are not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by other AICPA Audit and Accounting guides. The guide: * Discusses the responsibilities of management, boards of directors and audit committees for reliable financial reporting. * Summarizes key accounting guidance regarding whether and when revenue should be recognized in accordance with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . * Identifies circumstances and transactions that may signal improper revenue recognition. * Summarizes key aspects of the auditor's responsibility to plan and perform an audit under generally accepted auditing standards Generally Accepted Auditing Standards, or GAAS, are ten auditing standards, developed by the AICPA, consisting of general standards, standards of field work, and standards of reporting, along with interpretations. . * Describes procedures that the auditor may find effective in limiting audit risk arising from improper revenue recognition. * Provides guidance on auditing revenue transactions in the computer software and high-technology manufacturing industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation . The guide was developed under the supervision of the Auditing Revenues Steering Task Force with significant contributions from industry experts in various audit firms. To obtain a copy of the guide, contact the CPA2Biz Customer Service Center (see page 15; price: $45.05 AICPA member, $53 non-member, $47.70 state society member, $42.40 dual member). |
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