Description

Each set of financial statements and auditor’s report thereon must properly address the unique circumstances of the specific reporting entity’s circumstances. This module 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.

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