Getting the Auditor’s Report Right

Overview

The audit report seems basic, but several considerations can help ensure the auditor gets it right. This course provides a practical and focused review of CAS 700 Forming an Opinion and Reporting on Financial Statements (CAS 700), Modifications to the Opinion (CAS 705), and Emphasis of Matter and Other Matter Paragraphs (CAS 706).

Participants will review the structure and required content of the independent auditor’s report and work through the key judgments involved in determining when a modified opinion is required, including qualified, adverse, and disclaimer opinions. The course also addresses the appropriate use of Emphasis of Matter and Other Matter paragraphs. The course also incorporates related considerations related to Other Information (CAS 720).

Through practical examples and real-life examples, this course will help to strengthen professional judgement and will help to improve consistency in application and support issuing an audit report that is appropriate in the circumstances.

Learning Objectives

By the end of this session, participants will be able to:

• Apply the requirements of CAS 700 to issue an appropriate auditor report
• Determine what circumstances result in a modified opinion under CAS 705
• Identify and apply the appropriate use of other paragraphs in accordance with CAS 706
• Appreciate CAS 720 requirements related to other information
• Understand best practices in arriving at sound conclusions

Verifiable CPD

1.5 hour