module06 - Module 6: Reporting issues Overview Module 6...

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Module 6: Reporting issues Overview Module 6 covers the reports issued after an audit of financial statements in accordance with generally accepted auditing standards. The auditor's report usually consists of three concise paragraphs a seemingly small product, considering the cost to the client, the risk to the auditor, and the considerable audit effort. But the report adds value to the users of accounting information. You consider the type of report to be issued in a range of circumstances. You also consider what information the auditor must report both to management and to those who have oversight responsibility for the financial reporting process. The module concludes by considering the auditor's responsibilities with respect to the annual report and the management discussion and analysis. When you have completed this module, you should be able to develop conclusions and prepare an assurance report or letter. As you learn to deal with reporting issues, you should also be able to ensure that information is communicated to the appropriate people on a timely basis. Finally, you should be able to prepare a wide variety of reports using clear and professional language. Test your knowledge Begin your work on this module with a set of test-your-knowledge questions designed to help you gauge the depth of study required. Learning objectives 6.1 Explain the different types of audit opinions and advanced reporting issues such as the reporting of uncertainties, going-concern problems, the use of a basis of accounting other than GAAP, and the use of differential reporting options. (Level 1) 6.2 State what an auditor should do if a material misstatement is discovered in the financial statements after an opinion has been issued. (Level 1) 6.3 Explain the term "comparatives" and the auditor's responsibilities and procedures with respect to comparative figures included in audited financial statements. (Levels 1 and 2) 6.4 Outline the auditor's responsibilities with respect to foreign reporting. (Level 2) 6.5 Compare and contrast Canadian and U.S. reporting standards and describe how SEC reporting affects the Canadian auditor. (Level 2) 6.6 Identify the issues that are communicated to management and those with oversight responsibility for the financial reporting process, and the forms of communication, including the purpose and use of management letters. (Level 1) 6.7 Explain the contents of the annual report, including the management discussion and analysis, and the auditor's associated responsibilities. (Levels 1 and 2) AU2 - Module 6 Page 1
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6.1 Audit reports Learning objective Explain the different types of audit opinions and advanced reporting issues such as the reporting of uncertainties, going-concern problems, the use of a basis of accounting other than GAAP, and the use of differential reporting options. (Level 1) Required reading AU2 Readings Book: Reading 6-1: Audit and assurance reporting standards (Level 1) Ethics Reading Handbook:
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module06 - Module 6: Reporting issues Overview Module 6...

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