The AICPA's Alternative Investments Task Force issued a
practice aid for auditors, "Alternative Investments--Audit
Considerations." The practice aid clarifies the responsibility of
the client to have appropriate controls in place so management can
adequately address valuation assertions and the auditor can be
comfortable with the valuation of investments.
The practice aid includes guidance on:
* General considerations pertaining to auditing alternative
investments;
* Addressing management's financial statement existence
assertion; and
* Addressing management's financial statement valuation
assertion, among other topics.
Download the document at
www.aicpa.org/members/div/auditstd/alternative_investments.htm.
COPYRIGHT 2007 California Society of Certified
Public Accountants Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
Copyright 2007, Gale Group. All rights
reserved. Gale Group is a Thomson Corporation Company.
NOTE: All illustrations and photos have been removed from this article.