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Part 5
Auditing Specialized Industries
Introduction to Part 5
The discussions of auditing concepts, principles, and procedures in Parts 1 through 4 of this book are presented principally within the framework of entities engaged in manufacturing, selling, and service activities. In contrast, the chapters in Part 5 deal with auditing a number of specific industries. While every industry has at least some characteristics that set it apart from other industries, those characteristics do not necessarily require unique audit strategies or procedures. In some industries, however, the risks, accounting principles, controls, transactions, and accounts are sufficiently different to require specialized knowledge on the part of an auditor. Seventeen such industries are covered in the chapters in Part 5.
The following chapters present detailed descriptions, as appropriate, of the business, economic, and regulatory environment and activities anizations in the industry, the risks they typically face, unique accounting principles that have implications for auditing, typical transactions and key controls that are unique to the industry, and suggested auditing procedures. The relative emphasis given to each of those topics and anization of the chapters vary by industry and were dictated by the nature of the industry and the environment in which it operates. The intent is to describe only the characteristics and auditing considerations that are unique to each industry. Accordingly, when reading any of the chapters in Part 5, the reader also should review the discussion of auditing standards and procedures in the first 32 chapters of the book; material from those chapters that is applicable to audits of specialized industries generally is not repeated in Part 5.
33
Auditing Banks and Savings Institutions
OVERVIEW OF THE INDUSTRY   
RECENT DEVELOPMENTS
(a) Industry and Economic
(b) Regulatory and Legislative
(i) Formation of New panies
(ii) Changes in Regul