"Three decades ago, in my capacity as a member of the International Federation of Accountants in New York and the International Accounting Standards Board in London, I managed to change the name of "International Audit Guides
" to become the "International Standards on Auditing", after my demand to change the definition of the accounting profession to become 'the tool for economic decision-making', rather than limited to 'a profession for the preparation of financial statements and businesses outputs'."
We had FASB, the AICPA through AcSEC issuing SOPs, the AICPA issuing accounting and audit guides
that provided GAAP guidance, the EITF issuing consensuses without FASB approval, and an SEC observer that would speak up at EITF meetings and effectively create what we termed "turbo" GAAP.
Known for his expertise in the areas of construction and government, Caporicci wrote the AICPA audit guides
on these topics, and he has authored many audit and accounting courses for professional groups, as well as academic institutions.
To do so, GAO interviewed Education and inspector general officials and reviewed numerous audit guides
, agency procedures, checklists, and audit tracking systems.
Forthcoming AICPA audit guides
on risk assessment and audit sampling will provide more detailed information regarding the establishment of appropriate benchmarks.
The IRS issued two new research credit audit guides
during 2005: one assists examiners in auditing research credits reported by aerospace companies, while the other assists them in applying the "process of experimentation" requirement to cases involving software development.
The audit guides
work organizations in assessing ongoing, unique workplace issues and elements that affect (positively or negatively) workers' respect, service, and safety The audit also can help raise awareness of issues affecting a workplace.
Revenue Recognition in Today's Business Climate (RTBC)--Revenue recognition guidance exists throughout accounting literature, accounting and audit guides
and audit risk alerts for specific industries and the SEC's SAB 104.
116, 117 and 124, however, not-for- profit organizations followed different accounting principles depending on AICPA audit guides
for hospitals, higher education, health and welfare, and "other" nonprofit entities as well as other industry-specific guidelines.
Other sources include AICPA accounting and audit guides
, industry publications, financial statements of other entities in the industry, textbooks, periodicals, and individuals knowlegeable about the industry.
During subsequent years, new and revised audit guides
were issued, and the FASB integrated a nonprofit section component into its conceptual framework project.