The Auditor’s Report PREMIUM
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Learning SummaryDescription:
This module discusses the auditor’s report and the importance of the auditor’s opinion when analyzing financial statements prepared under generally accepted accounting principles in the United States. It discusses the four types of services on financial statements performed by a Certified Public Accountant (CPA) and describes the differences in scope among them. It discusses the four sections of auditor’s report and the information contained in each section. It explains the different types of audit opinions and how these are used to evaluate the reliability of information contained in the financial statements. Finally, it shows how to interpret a going concern emphasis in the auditor's opinion. IMPORTANT NOTICE: In 2020, the American Institute of Certified Public Accountants (AICPA) issued the Statement of Auditing Standards 134 that revised the format of the auditor’s report and required changes to the information provided and the order of presentation. An addendum that discusses the most significant changes and an example of the revised format of the auditor’s report are included in the additional materials.
Prerequisites:
Who should complete this module:
Managers, supervisors, entrepreneurs, and professionals in any discipline who use financial statements to evaluate the financial stability of an organization; educators and students in business and accounting.
Learning Objectives:
In this module you will learn to:
1. Identify the four types of services on financial statements performed by a CPA: prepared, compiled, reviewed, or audited.
2. Describe the difference in scope for each type of service.
3. Discuss the auditor’s report.
4. Identify and explain the use of the four types of audit opinions.
5. Interpret a going concern emphasis in the auditor's opinion
1. Identify the four types of services on financial statements performed by a CPA: prepared, compiled, reviewed, or audited.
2. Describe the difference in scope for each type of service.
3. Discuss the auditor’s report.
4. Identify and explain the use of the four types of audit opinions.
5. Interpret a going concern emphasis in the auditor's opinion
Competencies Acquired:
Learn how to read the auditor's report and identify red flags.
Program Level:
Intermediate
Duration of Video:
9:47
CPE Credit:
0.50
Delivery Method:
Self study
Field of Study:
Accounting
Additional Info:
For general information regarding our training modules, including practice exercises and assessments, or information on refunds, concerns and program cancellation policies, please see our Help section under the Resources menu.
Last Revision Date:
7 Mar 2019
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