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Part three of this series focuses on what happens once the audit has been completed and the auditor is set to compile the audit report. We review the requirements of the audit report to comply with AU Section 508.  This segment explores the various types of auditor opinions, their uses, and provide examples of each opinion.  

The AICPA AU-C Section 200 Standards address Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards.The statements contain conceptual principles that shape the objectives of an audit, and broad, overarching requirements that govern an audit’s conduct. They address the overall responsibilities of the independent auditor when conducting an audit of financial statements (FS) in accordance with U.S. generally accepted auditing standards (GAAS).

Part One of this series focused on key aspects of understanding the purpose of a FS audit, the auditor’s association with the audit, identifying and breaking down key terms of the Statements on Auditing Standards (SAS) and understanding management responsibility for the audit.

Part Two focused on the objective of the auditor and their professional responsibility, evaluating audit risk and audit evidence per Auditing Standard (AS) 15, conducting the audit, application to small and governmental entities and audit reporting per AU 508.   

Learning Objectives

  • Explore the requirements for the auditor’s report per AU Section 508.
  • Identify the types of audit opinions and when/how they should be used.
    • Identify components and requirements of an unqualified opinion.
    • Identify components and requirements of a qualified opinion.
    • Identify components and requirements of an adverse opinion
    • Identify components and requirements of a disclaimer opinion.
    • Identify components and requirements of a going concern opinion.
  • Recognize information that is to be included in the auditor’s report relative to the various opinions
  • Identify various report formats.
Last updated/reviewed: November 16, 2019

Prerequisites

Course Complexity: Advanced

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  2:44Introduction to AU-C Section 200 Independent Auditor and the Conduct of an Audit in Accordance with GAAS Part 3
  7:39Auditor's Opinion
  6:20Audit Report AU Section 508
  7:10Explanatory Language
  10:54Unqualified Opinions
  8:12Qualified Opinion
  4:09Adverse Opinion
  6:30Disclaimer Opinion
  3:25Piecemeal Opinions
  2:07Opinion on Prior-Period FS Different From the Opinion Previously Expressed
  3:50Report Format
  2:08Addressing the Report
CONTINUOUS PLAY
  1:05:10AU-C Section 200 Independent Auditor and the Conduct of an Audit in Accordance with GAAS Part 3 Full Video
SUPPORTING MATERIALS
  PDFSlides: AU-C Section 200 Part 3
  PDFAU-C Section 200 Part 3 Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM