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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


Learning Objectives
  • Explore and explain circumstances requiring audit report modifications and explanatory paragraphs.
  • Identify and understand the importance of applying general audit procedures to identify relevant footnote disclosures.
  • Discover and discuss how to improve evaluating disclosures for completeness and understandability.
Last updated/reviewed: March 26, 2024

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Certification - Level 3 - In-Charge/ Senior

  1. Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities
  2. Reviewing Workpapers - Embracing Responsibilities for Quality Control
  3. Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit
  4. Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities
  5. Auditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations
  6. Auditing Contingencies and Going Concern Uncertainty - Testing for Completeness and Proper Disclosure
  7. Audit Reporting Advanced Concepts - Understanding the Impact of General Audit Procedures on Disclosures and Audit Report Modifications
  8. Critical Traits of a Thinking Auditor - Stretching Experienced Auditors Beyond the Basics
  9. Client and Engagement Management - Managing the Black Holes that Erode Profitability
  10. Supervisor Skills - Coaching Staff to Stay on the Right Track
  11. Professional Ethical Considerations for CPAs
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services
2 Reviews (7 ratings)


Member's Profile
Superb lesson delivery. The tricky topics were covered in-depth and made very simple. Thank you.

Member's Profile
Another relevant course from illumeo and suitable for audit seniors to partners.

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.
Designed For: Accountants responsible for drafting footnote disclosures and audit reports.

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 .
Instructor for this course
Course Syllabus
  Learning Objectives for Audit Reporting Advanced Concepts1:20
  Overview of Audit Reporting Requirements15:15
  Exercise-What Type of Audit Report?7:35
  Explanatory Paragraphs in Audit Reports11:51
  Exercise-True/False Quiz4:53
  Commitment and Contingency Disclosures8:17
  Subsequent Events Disclosures7:26
  Subsequently Discovered Facts13:32
  Related Party Disclosures5:09
  Exercise-Drafting Footnotes11:00
  Written Management Representations3:47
  Improving the F/S Footnote Drafting Process9:50
  Audit Reporting Advanced Concepts1:39:55
  Slides: Audit Reporting Advanced ConceptsPDF
  Audit Reporting Advanced Concepts Glossary/ IndexPDF