- NY Credits : 4.0
- TX Credits : 4.0
GAAS Guide - Reporting Updated
The auditor's report is issued as a result of conducting an audit. There are a number of basic types of reports that fall into basically 5 categories: the standard report (also known as an unqualified report); a qualified report; an adverse report; a disclaimer (no report is issued), and an unqualified report with an emphasis-of-matter paragraph. There are other types of services a practitioner may provide in addition to an audit of financial statements prepared in accordance with GAAP. The SSARS provide guidance on accounting and review services, which generally consist of compilations or reviews on either GAAP or OCBOA financial statements. Additionally, a practitioner may report on various assertions made by management or other parties in attest engagements. Attest engagements are covered by the authoritative guidance in the SSAEs. This basic level course is most beneficial to professionals new to this topic who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this topic.
Upon successful completion of the course, the user should be able to:
recognize the overall auditing objectives and auditor's responsibilities related to reporting,
identify the types of opinions, evidence and the various elements in a standard audit report,
identify the various reports that exist, and
recognize the use of service organizations and the special purpose reports associated with them.