Description

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.”