Checkpoint Learning

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Standards for Auditor Reporting  

CATEGORY: Accounting & Auditing
COURSE ID: CLSTAR, VERSION 3.00
(48)
  Online & Mobile
6 CPE Credits
Level: Basic

For the first time since the late 1940s the language and instructions for the opinion statement in the auditor's report have received a major change. Among other things, the length of the audit firm's service with the client is shown. Not only has the language changed for the unqualified (clean) opinion, the language for unqualified opinions in a number of variants changed as well. For the first time, a dramatic change has occurred with the introduction of Critical Audit Matters (CAMs). CAMs will prove to be the more impactful change in the auditor's report and a sea of change occurs not only in the report format, but in the information provided to report readers. CAMs will also have a very significant impact on the relationships between the auditor and the client. Finally, the engagement partner and other auditors on the audit engagement team will be reported to regulators and displayed in a publicly viewable database through the filing of FORM AP.

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.

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