Investment Companies, 2019

Preface

(Updated as of July 1, 2019)

This guide was prepared by the Investment Companies Special Committee.

About AICPA Audit and Accounting Guides

This AICPA Guide has been developed by the AICPA Investment Companies Guide Task Force to assist practitioners in performing and reporting on their audit and attestation engagements, and to assist management in the preparation of their financial statements in conformity with U.S. generally accepted accounting principles (GAAP).

This guide describes operating conditions and auditing procedures unique to the investment company industry and illustrates the form and content of investment company financial statements and related disclosures.

Because many investment companies are subject to regulation under the Investment Company Act of 1940, rules under that act are discussed extensively in this guide. However, the rules, regulations, practices, and procedures of the investment company industry have changed frequently and extensively in recent years. The independent practitioner should keep abreast of those changes as they occur.

An AICPA Guide containing auditing guidance related to generally accepted auditing standards (GAAS) is recognized as an interpretive publication as defined in AU-C section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards.¹ Interpretive publications are recommendations on the application of GAAS in specific circumstances, ...