The ultimate objective of a financial statement audit is to issue an auditor’s report. This module provides tips and techniques necessary for issuing and reporting on high-quality financial statements prepared under any applicable financial reporting framework.
Major Topics:
- Objective of financial reporting and Inter-relationships of financial statements and disclosures
- Special purpose framework financial statements and the impact on audits
- Types of audit reports, including reasons for modification
- Financial statement drafting and issuance process
- Performing a final quality control check before report release
Prerequisites
No Advanced Preparation or Prerequisites are needed for this course.
Designed For: Accountants who have responsibilities for drafting the financial statements and the auditor’s report.
Learning Objective
- Discover and discuss the inter-relationship of basic financial statements and disclosures.
- Explore and explain the financial statement drafting and issuance process.
- Identify and perform a quality control check of draft financial statements.
- Explore the key elements and variations of the auditor’s report.
- Discover and describe special considerations for financial statements prepared under a special purpose framework.
Last updated/reviewed: March 18, 2024
(0) Reviews
(14 rating)Lesson Questions and Answers0 Questions
There are no questions.
Answers to Frequently Asked Questions (FAQs)
Jennifer Louis
CPA, President of Emergent Solutions Group LLC
INTRODUCTION AND OVERVIEW
- Learning Objectives for Audit Reporting Fundamentals 1:23
- Introduction to Objective of Financial Reporting 22:48
- Common Special Purpose Frameworks 9:08
- Comparing Disclosures for Different Basis of Accounting 8:28
- Types of Audit Opinions 12:32
- Financial Statement Drafting and Issuance Process 4:55
- Case Study Performing Final Quality Check of Presentation and Disclosure-Part 1 8:05
- Case Study Performing Final Quality Check of Presentation and Disclosure-Part 2 14:41
- Case Study Performing Final Quality Check of Presentation and Disclosure-Part 3 7:43
- Case Study Performing Final Quality Check of Presentation and Disclosure-Part 4 9:34
CONTINUOUS PLAY
- Audit Reporting Fundamentals 1:39:17
SUPPORTING MATERIAL
- Slides: Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting PDF
- Audit Reporting Fundamentals - Introducing Core Concepts Glossary/Index PDF
REVIEW AND TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
Ask the instructor a question about this lesson