New Audit Guide, Auditing Revenue in Certain Industries, Released.

A new AICPA Audit Guide, Auditing Revenue in Certain Industries (No. 012510CPA09), has been published. The guide was developed in response to heightened concern in recent years that improper revenue recognition has contributed to a perceived erosion in the integrity of the financial reporting process.

The guide is intended to help auditors fulfill their professional responsibilities with regard to auditing assertions about revenue and includes guidance on selected industries that are not covered by other AICPA Audit and Accounting guides. The guide:

* Discusses the responsibilities of management, boards of directors and audit committees for reliable financial reporting.

* Summarizes key accounting guidance regarding whether and when revenue should be recognized in accordance with generally accepted accounting principles.

* Identifies circumstances and transactions that may signal improper revenue recognition.

* Summarizes key aspects of the auditor's responsibility to plan...