Guidance on alternative investments.

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.