New AICPA Audit Guidance Available

2007 Audit and Accounting Guides are being shipped this week by the American Institute of CPAs. The primary focus of this year's guide is risk assessment as spelled out by the Auditing Standards Board. Specific industries getting attention this year include: agribusiness, construction, health care and not-for-profits. Additional guidance on personal financial statements, derivatives and hedging should be forthcoming by year-end.

The AICPA Guides are worth perusing, especially if you are in a new CPA firm or auditing a business in a new industry.