SAS No. 92 — Auditing Derivatives and Securities
- Topics:
- Audits
- Tags:
- ASB,
- Auditing,
- Finance,
- Financial Accounting,
- Financial Accounting Standards Board,
- SAS Institute,
- Security
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Overview: The ASB has voted to issue a final Statement on Auditing Standards (SAS) titled Auditing Derivative Instruments, Hedging Activities, and Investments in Securities that will help auditors plan and perform auditing procedures for financial statement assertions about derivative instruments, hedging activities, and investments in securities. The new standard is SAS No. 92 and will supersede SAS No. 81, Auditing Investments. The guidance in the SAS applies to— Derivative instruments, as that term is defined in FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities. Hedging activities in which the entity designates a derivative or a non-derivative financial instrument as a hedge of exposure for which FASB Statement No. 133 permits hedge accounting. Debt and equity securities, as those terms are defined in FASB Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities The auditor assesses inherent and control risk for assertions about derivatives and securities to enable him or her to determine the nature, timing, and extent of the substantive procedures to be performed. Substantive procedures for derivatives and securities should address the following five broad categories of assertions presented in SAS No. 31, Evidential Matter. Lastly, it explains about the Report and Recommendations of the Panel on Audit Effectiveness, to get into details read the article.
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Format: HTML | Date: Jan 2003 | Pages: 1
