Learning Objectives

Understand the standard unqualified financial statement audit report.

Know the situations that result in modification to the standard unqualified financial statement audit report.

Know the conditions that lead to a departure from the standard unqualified financial statement audit report.

Know the other types of financial statement audit reports.

Understand the effect of materiality on the auditor's choice of financial statement audit reports.

Understand the situations that may cause different types of reports on comparative financial statements.

Know the auditor's responsibility for other information in documents containing audited financial statements.

Understand the auditor's reporting responsibility for financial statements prepared on a comprehensive basis other than GAAP.

Understand the auditor's responsibility for reporting on specified elements, accounts, or items of a financial statement.

Understand the auditor's reporting responsibility for compliance with contractual agreements or regulatory requirements related to financial statements.

Understand the auditor's responsibility to evaluate and issue an opinion on management's assessment of the effectiveness of internal control over financial reporting.

Understand the auditor's responsibility to issue an opinion on the effectiveness of a client's internal control over financial reporting as part of an integrated audit.

Understand the unqualified report for the audit of internal control over financial reporting.

Understand the conditions requiring modification of the auditor's opinion on the effectiveness of internal control and the types of reports available to the auditor under such conditions.