course

Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting and Issuance Process

(14)
4.785715
39 Enrolled
2.5 Hours (On-Demand)
2.5 CPE  

This course is a premium course it can be accessed either by individual purchase or through a premium subscription

Purchase this course | $90

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: March 18, 2024

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Certification - 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
5 Reviews (14 ratings)

Reviews

5
Anonymous Author
My suggestion to make this a required course before going into the other sections as this is a big picture overview of the whole audit.
5
Anonymous Author
the course itself was informative, but the final exam contained a few questions not covered in the course
5
Member's Profile
A refresher on concepts and procedures for auditing financial statement drafting and issuing process.
5
Anonymous Author
This was a good refresher for what I need to know when reporting for auditing..
5
Anonymous Author
The training is very informative and will be recommended for new staff.
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 .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Learning Objectives for Audit Reporting Fundamentals1:23
  Introduction to Objective of Financial Reporting22:48
  Common Special Purpose Frameworks9:08
  Comparing Disclosures for Different Basis of Accounting8:28
  Types of Audit Opinions12:32
  Financial Statement Drafting and Issuance Process4:55
  Case Study Performing Final Quality Check of Presentation and Disclosure-Part 18:05
  Case Study Performing Final Quality Check of Presentation and Disclosure-Part 214:41
  Case Study Performing Final Quality Check of Presentation and Disclosure-Part 37:43
  Case Study Performing Final Quality Check of Presentation and Disclosure-Part 49:34
CONTINUOUS PLAY
  Audit Reporting Fundamentals 1:39:17
SUPPORTING MATERIAL
  Slides: Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting PDF
  Audit Reporting Fundamentals - Introducing Core Concepts Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam