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Audit and Accounting Guide Depository and Lending Institutions

Audit and Accounting Guide Depository and Lending Institutions Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies 2019

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781948306720
  • Published In: November 2019
  • Format: Paperback , 896 pages
  • Jurisdiction: U.S. ? Disclaimer:
    Countri(es) stated herein are used as reference only
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    The financial services industry is undergoing significant change. This has added challenges for institutions assessing their operations and internal controls for regulatory considerations. Updated for 2019, this industry standard resource offers comprehensive, reliable accounting implementation guidance for preparers. It offers clear and practical guidance of audit and accounting issues, and in-depth coverage of audit considerations, including controls, fraud, risk assessment, and planning and execution of the audit.

    Topics covered include:

    • Transfers and servicing;
    • Troubled debt restructurings;
    • Financing receivables and the allowance for loan losses; and,
    • Fair value accounting

    This guide also provides direction for institutions assessing their operations and internal controls for regulatory considerations as well as discussions on existing regulatory reporting matters. 

    The financial services industry is undergoing significant change. This has added challenges for institutions assessing their operations and internal controls for regulatory considerations. Updated for 2019, this industry standard resource offers comprehensive, reliable accounting implementation guidance for preparers. It offers clear and practical guidance of audit and accounting issues, and in-depth coverage of audit considerations, including controls, fraud, risk assessment, and planning and execution of the audit.

    Topics covered include:

    • Transfers and servicing;
    • Troubled debt restructurings;
    • Financing receivables and the allowance for loan losses; and,
    • Fair value accounting

    This guide also provides direction for institutions assessing their operations and internal controls for regulatory considerations as well as discussions on existing regulatory reporting matters.

  • Table of Contents xv

    1 Industry Overview — Banks and Savings Institutions .01-.108

    Description of Business .01-.07

    Regulation and Oversight .08-.59

    Regulatory Capital Matters .60-.81

    Annual Independent Audits and Reporting Requirements .82-.107

    Other Reporting Considerations .108

    2 Industry Overview — Credit Unions .01-.62

    Description of Business .01-.10

    Charters, Bylaws, and Minutes .11-.17

    Regulation and Oversight .18-.23

    Regulatory Capital Matters .24-.54

    Annual Audits .55-.62

    3 Industry Overview — Finance Companies .01-.19

    Description of Business .01-.11

    Regulation and Oversight .12-.19

    4 Industry Overview — Mortgage Companies .01-.42

    Description of Business .01-.20

    Regulation and Oversight .21-.37

    Reporting Considerations .38-.42

    HUD Programs .38-.40

    Asset Servicing for Investors .41-.42

    5 Audit Considerations and Certain Financial Reporting Matters .01-.267

    Overview .01-.09

    Terms of Engagement .10-.13

    Audit Planning .14-.15

    Materiality .16-.20

    Use of Assertions in Assessment of Risks of Material Misstatement .21-.22

    Risk Assessment Procedures .23-.75

    Risk Assessment and the Design of Further Audit Procedures .76-.98

    Evaluation of Misstatements Identified During the Audit .99-.101

    Audit Documentation .102-.108

    Using the Work of an Auditor’s Specialist .109-.114

    Using the Work of a Management’s Specialist .115-.118

    Processing of Transactions by Service Organizations .119-.121

    Consideration of Fraud in a Financial Statement Audit .122-.150

    Compliance With Laws and Regulations .151-.161

    Going-Concern Considerations .162-.189

    Written Representations .175

    Information Other Than Financial Statements .200-.202

    Certain Financial Reporting Matters .203-.221

    Regulation and Supervision of Depository Institutions .222-.267

    6 Cash and Cash Equivalents .01-.42

    Introduction .01-.08

    Accounting and Financial Reporting .09-.33

    Auditing .34-.42

    7 Investments in Debt and Equity Securities .01-.166

    Introduction .01-.65

    Regulatory Matters .66-.82

    Accounting and Financial Reporting .83-.140

    Auditing .141-.166

    8 Loans .01-.230

    Introduction .01-.56

    Regulatory Matters .57-.88

    Accounting and Financial Reporting .89-.181

    Auditing .182-.230

    9 Credit Losses .01-.111

    Introduction .01-.22

    Regulatory Matters .23-.37

    Accounting and Financial Reporting .38-.61

    Auditing .62-.111

    10 Transfers and Servicing and Variable Interest Entities .01-.123

    Introduction .01-.08

    Regulatory Matters .09-.15

    Accounting and Financial Reporting .16-.109

    Auditing .110-.123

    11 Real Estate Investments, Real Estate Owned, and Other Foreclosed Assets .01-.72

    Introduction .01-.03

    Regulatory Matters .04-.15

    Accounting and Financial Reporting .16-.54

    Auditing .55-.72

    12 Other Assets, Other Liabilities, and Other Investments .01-.93

    Introduction .01-.10

    Regulatory Matters .11-.15

    Accounting and Financial Reporting .16-.78

    Auditing .79-.93

    13 Deposits .01-.70

    Introduction .01-.32

    Regulatory Matters .33-.40

    Accounting and Financial Reporting .41-.46

    Auditing .47-.70

    14 Federal Funds and Repurchase Agreements .01-.69

    Introduction .01-.25

    Regulatory Matters .26

    Accounting and Financial Reporting .27-.47

    Auditing .48-.69

    15 Debt .01-.77

    Introduction .01-.31

    Regulatory Matters .32-.33

    Accounting and Financial Reporting .34-.57

    Auditing .58-.77

    16 Income Taxes .01-.36

    Introduction .01-.13

    Regulatory Matters .14-.17

    Accounting and Financial Reporting .18-.30

    Auditing .31-.36

    17 Equity and Disclosures Regarding Capital Matters .01-.115

    Introduction .01

    Banks and Savings Institutions .02-.46

    Credit Unions .47-.64

    Corporate Credit Unions .65-.79

    Mortgage Companies and Mortgage Banking Activities .80-.84

    Regulatory Capital Matters for All Entities .85-.88

    Auditing .89-.115

    18 Derivative Instruments: Futures, Forwards, Options, Swaps, and Other Derivative Instruments .01-.101

    Introduction .01-.69

    Regulatory Matters .70-.78

    Accounting and Financial Reporting .79-.100

    Auditing Considerations .101

    19 Business Combinations .01-.41

    Introduction .01

    Regulatory Matters .02-.07

    Accounting and Financial Reporting .08-.30

    Auditing Considerations .31-.41

    20 Fair Value .01-.71

    Introduction .01

    Accounting and Financial Reporting .02-.66

    Auditing Considerations .67-.71

    21 Trust and Asset Management Activities .01-.30

    Introduction .01-.12

    Regulatory Matters .13-.14

    Accounting and Financial Reporting .15-.16

    Auditing .17-.30

    22 Insurance Activities .01-.70

    Introduction .01-.10

    Regulatory Matters .11

    Accounting .12-.68

    Auditing .69-.70

    23 Reporting Considerations .01-.37

    Introduction .01

    Forming an Opinion on the Financial Statements .02-.04

    Reports .05-.37

    Appendix A — Illustrative Unqualified PCAOB Reports .37

    Appendix

    A FDI Act Reporting Requirements

    B Regulatory Reporting Matters — Interpretation and Reporting Related to U.S. GAAP

    C Information Sources

    D Overview of Statements on Quality Control Standards

    E The New Leases Standard: FASB ASC 842

    F Accounting for Financial Instruments

    G New Auditing Standards to Change the Auditor’s Report

    H Schedule of Changes Made to the Text From the Previous Edition

    Index of Pronouncements and Other Technical Guidance

    Subject Index

  • The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.

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