Audit Reporting Advanced Concepts - Understanding the Impact of General Audit Procedures on Disclosures and Audit Report Modifications will provide 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. Each set of financial statements and auditor's report thereon must properly address the unique circumstances of the specific reporting entity's circumstances.
DESIGNED FOR
Accountants responsible for drafting footnote disclosures and audit reports
BENEFITS
After attending this presentation, you will be able to...
- Identify circumstances requiring audit report modifications and explanatory paragraphs
- Determine the importance of applying general audit procedures to identify relevant footnote disclosures
- Distinguish how to improve evaluating disclosures for completeness and understandability
HIGHLIGHTS
The major topics covered in this course include:
- 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
PREREQUISITES
Basic audit experience
ADVANCE PREPARATION
None