Instructor for this course
more
Not currently accepting new students

This course is being updated and will be available soon.

This course has been updated with relevant standards issued through September 2022. These standards incorporate many changes to the external auditors report.

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 FS in accordance with U.S. generally accepted auditing standards (GAAS).

Part One of this series focused focus 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 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, conducting the audit, application to small and governmental entities and audit reporting per AU 508.

This segment focuses on 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 opinion’s, their uses and provide examples of each opinion.

Note: “This course does not cover elements related to tax preparation, tax audit or tax accounting.”

Learning Objectives

  • Explore and examine the GAAS process steps for Auditor Reporting.
  • Discover and discuss the updates to the Auditors Report updated SAS statements effective as of December 2022.
  • 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/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.
  • Explore and evaluate information that is to be include in the auditor’s report relative to the various opinions.
  • Identify various report formats.
Last updated/reviewed: September 26, 2022

Included In Certifications

This course is included in the following Certification Programs:

15 CoursesFinancial Statement Preparation, Reporting and Auditing Certification

  1. Financial Statement Introduction
  2. GAAP Principles, Assumptions and Considerations
  3. GAAP Presentation of Financial Statements
  4. Management Discussion and Analysis (MD&A) Update
  5. Sarbanes Oxley (SOX) Overview
  6. Sarbanes-Oxley Section 302: ICFR
  7. XBRL (Extensible Business Reporting Language) Introduction to Basics - Updated
  8. XBRL - Connection to SOX 302/404 and Critical Roles
  9. Analyzing Financial Ratios - Solvency, Liquidity and Debt
  10. Analyzing Financial Ratios - Leverage
  11. Analyzing Financial Ratios - Performance And Efficiency
  12. Introduction to Accounting for Income Taxes Based on Income
  13. Practical Application For Accounting For Income Taxes Based On Income Part 1
  14. Practical Application For Accounting For Income Taxes Based On Income Part 2
  15. FASB Codification Research System

3 Reviews (16 ratings)Reviews

5
Anonymous Author
Good review of various types of audit reports that can be issued. However, this course did not cover the dating of the report or the auditor's responsibilities for reporting of subsequent events.
4
Anonymous Author
This course provides an understanding of the types of audit opinions that can be determined in an audit and also explains the audit report format.
5
Member's Profile
Easy to understand the different types of audit reports and their differeneces.

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
  7:40Auditor's Opinion
  6:21Audit Report AU Section 508
  7:11Explanatory Language
  10:54Unqualified Opinions
  8:12Qualified Opinion
  4:10Adverse Opinion
  6:31Disclaimer Opinion
  3:25Piecemeal Opinions
  2:07Opinion on Prior-Period FS Different From the Opinion Previously Expressed
  3:51Report Format
  2:09Addressing the Report
CONTINUOUS PLAY
  1:05:15AU-C Section 200 Independent Auditor and the Conduct of an Audit in Accordance with GAAS Part 3 Full Video
SUPPORTING MATERIALS
  PDFSlides: Financial Statement Audit in Accordance with GAAS - Auditors Report and Opinion
  PDFFinancial Statement Audit in Accordance with GAAS - Auditors Report and Opinion Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM