Transcription of Allowance for credit losses — audit considerations - AICPA
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Allowance for credit losses audit considerationsWith a focus on loans measured at amortized cost for depository and lending institutions as well as insurance companiesPractice aidAllowance for credit losses audit considerations | 1 credit losses Auditing Task ForceSydney K. Garmong credit losses Task Force Chair Crowe LLP Michael D. Lundberg Auditing Task Force Chair RSM US LLP Ilene Kassman ASB Auditing Estimates Task Force Chair KPMG LLPDom Giuffrida Ernst & Young LLP Graham Dyer Grant Thornton LLPM ichael H. Hall KPMG LLP Martin Hurden PricewaterhouseCoopers LLP Kyle Owens Crowe LLP Khalid Shah Deloitte LLP AICPA Senior CommitteesAuditing Standards BoardMichael J.
effectiveness of internal control over the expected credit loss estimation process and the financial reporting of loans in accordance with FASB ASC 326-20. Other elements of internal control implemented by management may be responsive to risks in the following areas: • Determination of applicability and adoption of new accounting policies
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