Each set of financial statements and auditor's report thereon must properly address the unique circumstances of the specific reporting entity's circumstances. This audit CPE course provides guidance for properly altering financial statements and audit reports for certain complex transactions and events that are often uncovered through general audit procedures, such as subsequent testing, reviewing minutes, and more.
Learning Objectives
Upon completion of this course, participants will be able to:
Explain circumstances requiring audit report modifications and explanatory paragraphs
Understand the importance of applying general audit procedures to identify relevant footnote disclosures
Recall how to improve evaluating disclosures for completeness and understandability
Major Topics
Common reasons for modifying audit opinions
Emphasis-of-matter or other-matter explanatory paragraphs
General audit procedures to identify relevant transactions and events impacting financial statement presentation and disclosure
Drafting relevant general footnotes, such as related party transactions, subsequent events, loss contingencies, and more
Improving the footnote drafting process
