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 auditors' 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 objectives of the auditors 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 opinions', 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 Auditors' Reporting.
  • Discover and discuss the updates to the Auditors' Report updated SAS statements effective as of December 2022.
  • Explore the requirements for the auditors' 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 auditors' report relative to the various opinions.
  • Identify various report formats.
Last updated/reviewed: March 12, 2024

Included In Certifications

This course is included in the following Certification Programs:

18 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 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. Financial Statement Audit in Accordance with GAAS - General Standards
  13. Financial Statement Audit in Accordance with GAAS - Conducting the Audit
  14. Financial Statement Audit in Accordance with GAAS - Auditors' Report and Opinion
  15. Introduction to Accounting for Income Taxes Based on Income
  16. Practical Application For Accounting For Income Taxes Based On Income Part 1
  17. Practical Application For Accounting For Income Taxes Based On Income Part 2
  18. FASB Codification Research System
4 Reviews (30 ratings)

Reviews

5
Member's Profile
In my "opinion" the course was excellent and helped me understand the US GAAS approach to the IAS which I am more familiar with

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: Foundational

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 .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to AU-C Section 200 Independent Auditor and the Conduct of an Audit in Accordance with GAAS Part 34:26
  GAAS Process Steps5:40
  AU-C 700 Changes18:54
  Additional Significant Changes7:38
  Other SAAS Changes9:34
  Auditors' Opinion4:05
  Audit Report AU Section 5085:37
  Unqualified Opinion8:14
  Qualified Opinion10:10
  Adverse Opinion3:38
  Disclaimer Opinion4:58
  Piecemeal Opinions2:46
  Opinion on Prior-Period FS Different from the Opinion Previously Expressed1:16
  Addressing the Report and Summary4:02
CONTINUOUS PLAY
  AU-C Section 200 Independent Auditor and the Conduct of an Audit in Accordance with GAAS Part 3 Full Video1:30:58
SUPPORTING MATERIALS
  Slides: Financial Statement Audit in Accordance with GAAS - Auditors' Report and OpinionPDF
  Financial Statement Audit in Accordance with GAAS - Auditors' Report and Opinion Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam