The ultimate objective of a financial statement audit is to issue the independent auditor’s report. This module discusses the process, introduces key elements of financial statements, and provides best practices for auditors who either prepare or review the client’s financial statements. (Please Note: This module is part of Surgent's Audit Skills Training: Level 2.)
Learning Objectives
- Explain the key elements and variations of the auditor’s report
- Understand the appropriate treatment for accounting changes and error corrections
- Discuss the basic financial statements, their key elements and required disclosures
- Understand the Codification layout and be able to perform research on presentation and disclosure issues that arise
- Use a framework to prepare or review client prepared financial statements
- Identify best practices for financial statement preparation or review of client prepared financial statements.
Major Topics
- Objective of financial reporting
- Inter-relationships of financial statements and disclosures
- Accounting changes
- Financial statement preparation and review process
- Best practices for financial statement preparation and review
