- NY Credits : 8.0
- TX Credits : 8.0
Companion to PPC's Guide to Auditor's Reports - Course 2 - Consolidated or Combined Financial Statements, Group Audits, and Supplementary Information (GARTG172)
Identify the guidance authoritative literature provides about consolidated or combined financial statements, general considerations related to reports on consolidated or combined financial statements, and modifications to such reports.
Determine how reports on consolidating or combining financial statements differ, how to report on consolidating information as supplementary information or as basic financial statements, how to report on financial statements that include with investments accounted for by the equity method, and how to deal with parent company financial statements.
Recognize the basic issues that affect group audits, how to deal with reports on financial statements that refer to component auditors, and how to report on consolidating financial statements.
Identify the best methods to address reports modified by component auditors; reports modified by group auditors; reports on the financial statements that include investments accounted for by the equity method; and procedures performed by auditors with respect to elements, accounts, or items of the financial statements.
Identify whether supplementary information is part of the basic financial statements, the types of supplementary information, and how it should be presented.
Recognize how supplementary information is reported on in relation to the financial statements as a whole, when reports might be modified, and when a disclaimer of opinion on the supplementary information might be needed.
Determine the best approach for dealing with charts and graphs, voluntary disclosures, other information in documents that contain audited financial statements, client-requested reporting such other information, summary information that appears in comparative financial statements, and supplementary information that accompanies interim financial information.
Lesson 1—Consolidated or Combined Financial Statements
Lesson 2—Group Audits
Lesson 3—Supplementary Information