Maintaining a Professional Accounting and Auditing Library

The CPA Journal, December 1993 | Go to article overview
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Maintaining a Professional Accounting and Auditing Library

Accountants are required to refer daily to an up-to-date, professional library. Office managers and firm owners need to know their basic library materials are current and their discretionary library dollars are well spent.


Every practicing CPA's library must include current professional standards and the authoritative GAAP applicable to the nature of his or her practice. The starting point is the AICPA's Professional Standards, which include Statements on Auditing Standards (SAS) and Statements on Standards for Accounting and Review Services (SSARS) and the Current Text, which includes FASB statements of standards and interpretations, opinions issued by the Accounting Principles Board (APB), and AICPA Accounting Research Bulletins still in effect.

Professional Standards and Current Text are published in loose-leaf binders and Table I shows ordering information. If you order the looseleaf subscription, the AICPA will send changes as they are adopted. You can also order these publications annually in paperback, and Professional Standards is available on diskette.


Title Professional Standards, Vol. I & II FASB Current Text, Vol. I & II


AICPA Order Department P.O. Box 2209 Jersey City, NJ 07303-2209 800-862-4272

Published annually. Professional Standards is also available as part of a subscription service from the AICPA. For non-AICPA members, the Current Text is available from

Richard D. Irwin Inc. 1818 Ridge Road Homework, IL 60430

A second level of accounting guidance is provided by FASB technical bulletins and AICPA industry audit and accounting guides and statements of position. A firm may be selective, but every firm should have references appropriate for their clients in this second tier of GAAP.

The Technical Bulletins are part of the AICPA Current Text. An annual Current Text subscription will assure up-to-date Technical Bulletins.

The purpose of the industry audit and accounting guides is to organize all accounting principles and audit considerations for a single industry into one reference manual. Each guide includes a discussion of practices presently being followed by the industry and procedures unique to that industry.

All guides and audit and accounting practice aides are included in the AICPA Audit and Accounting Guide Service, listed in Table 4, or they can be purchased separately in paperback. The guides in this service are continuously updated to reflect matters affecting their subject matters, including yearly audit risk alerts, Once a year (usually May 1) each guide is printed and is available for ordering on an individual basis. Table 2 lists the most recent editions of each paperback guide.



* Agricultural Producers and Agricultural Cooperatives

* Airlines

* Banks

* Brokers and Dealers in Securities

* Casinos

* Certain Nonprofit Organizations

* Colleges and Universities

* Common Interest Realty Associations

* Construction Contractors

* Credit Unions

* Employee Benefit Plans

* Entities with Oil and Gas Producing Activities

* Federal Government contractors

* finance Companies

* Investment Companies

* Property & Liability Insurance Companies

* Providers of Health Care Services

* Savings Institutions

* State and Local Government Units

* Stock Life Insurance Companies

* Voluntary Health & Welfare Organizations


* Audit Sampling

* Computer-Assisted Audit Techniques

* Consideration of the Internal Control Structure in a Financial Statement Audit

* Guide for Prospective Financial Statements

* Personal Financial Statements

* Real Estate Appraisal Information






Practitioners Publishing Company (PPC) P.

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