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The ultimate objective of a financial statement audit is to issue an auditor’s report. This module provides tips and techniques necessary for issuing and reporting on high-quality financial statements prepared under any applicable financial reporting framework.

Major Topics:

  • Objective of financial reporting and Inter-relationships of financial statements and disclosures
  • Special purpose framework financial statements and the impact on audits
  • Types of audit reports, including reasons for modification
  • Financial statement drafting and issuance process
  • Performing a final quality control check before report release

Learning Objectives

  • Discover and discuss the inter-relationship of basic financial statements and disclosures.
  • Explore and explain the financial statement drafting and issuance process.
  • Identify and perform a quality control check of draft financial statements.
  • Explore the key elements and variations of the auditor’s report.
  • Discover and describe special considerations for financial statements prepared under a special purpose framework.
Last updated/reviewed: May 10, 2021

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 1 - Beginning Staff

  1. Professional Skepticism - Creating a Mindset for Finding Fraud and Error
  2. Audit Documentation - Creating Workpapers That Pass Review
  3. Adapting to the Engagement - Differentiating the Requirements of Preparations, Compilations, Reviews, and Audits
  4. The Audit Risk Model - Understanding Foundational Principles
  5. Internal Control Fundamentals - Satisfying Audit Requirements for Evaluating Design and Implementation
  6. Auditing Cash - Applying Basic Skills to the Starting Point of Any Audit
  7. Auditing PP&E, Including Leases under Topic 842 - Digesting the Risks of Improper Treatment of Tangible Long-Lived Assets
  8. Auditing Inventory - Performing Required Observations and Other Common Procedures
  9. Analytical Procedures - Comprehending Financial Statement Audit Fundamentals
  10. Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting and Issuance Process
  11. AICPAs Code of Professional Conduct - Exploring the Foundational Principles Underlying the CPA Profession as a Whole
  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

Prerequisites

Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course.
Designed For: Accountants who have responsibilities for drafting the financial statements and the auditor’s report.

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
  1:23Learning Objectives for Audit Reporting Fundamentals
  22:48Introduction to Objective of Financial Reporting
  9:08Common Special Purpose Frameworks
  8:28Comparing Disclosures for Different Basis of Accounting
  12:32Types of Audit Opinions
  4:55Financial Statement Drafting and Issuance Process
  8:05Case Study Performing Final Quality Check of Presentation and Disclosure-Part 1
  14:41Case Study Performing Final Quality Check of Presentation and Disclosure-Part 2
  7:46Case Study Performing Final Quality Check of Presentation and Disclosure-Part 3
  9:34Case Study Performing Final Quality Check of Presentation and Disclosure-Part 4
CONTINUOUS PLAY
  1:39:20Audit Reporting Fundamentals
SUPPORTING MATERIAL
  PDFSlides: Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting
  PDFAudit Reporting Fundamentals - Introducing Core Concepts Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM