Breaking Down the New Auditor's Report for non-ERISA Engagements

Overview

A new Auditor's Report is here.

Auditors' reports are the ultimate communication between auditor and the public. The auditor's report is a written letter from the auditor containing the opinion of whether an entity's financial statements comply with generally accepted accounting principles (GAAP). The independent and external audit report is typically published with the company's annual report. This course will discuss the considerations surrounding the objectives and form of the auditor's report under SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements.

SAS No. 134 contains many changes to the 700 section of Professional Standards. SAS No. 134 benefits users of the financial statements by placing the auditor's opinion at the front of the report for added visibility and providing necessary transparency into the basis for the auditor's opinion and the responsibilities of both entity management and auditors. This module will address those changes as applied to AU-C section 700, Forming an Opinion and Reporting on Financial Statements, the foundational section that addresses the auditor's responsibility to form an opinion on the financial statements and prescribes the form and content of the auditor's report when issuing an unmodified "clean" opinion."

Highlights

Key Topics

• Form and content of the revised auditor's report.
• Scope and objectives of AU-C section 700.

Designed For

Who Will Benefit

Auditors in practice conducting engagements of non-public, non-ERISA entities.

Objectives

Learning Outcomes

Identify the concepts contained in recently released standards that have changed the auditor's reporting process.
Recall the scope and objectives of AU-C section 700, Forming an Opinion and Reporting on Financial Statements.