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Updated thrift guide issued.

Audits of Savings Institutions, an updated audit and accounting guide for the thrift industry issued by the American Institute of CPAs, is intended to help accountants and auditors cope with the rapidly changing environment in which the nation's savings and loan associations currently operate.

The new guide discusses changes brought by the restructuring of the thrift industry and enactment of the Financial Institutions Reform, Recovery and Enforcement Act. It also highlights the risks and complexities in auditing thrift financial statements, focusing on the importance of interest-rate risk, liquidity, asset quality and internal control structure.

Current accounting practices are described in the guide, which also establishes specialized industry accounting practices for marketable equity securities and discusses matters such as establishing adequate allowances for credit losses and valuing real estate and other investments. The guidance should be used for audits of financial statements of savings institutions for fiscal years beginning after December 31, 1990.

The guide is included in the AICPA subscription service and also is available in individual, hardbound copies (product no. 012100). Order by calling the AICPA Order Department at (800) 334-6961 [in New York State, (800) 248-0445]. The price is $22.50 per copy, plus shipping and handling charges.
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Publication:Journal of Accountancy
Date:Dec 1, 1991
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