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The Auditing and Attestation
module, which contains questions and answers regarding reports
and communications and other important topics, is just one of the
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The flashcards related to reports and communications will cover
these topics:
- Reports on Financial Statements
- Modification of standard report, types of opinions relating
to uncertainties, types of opinions if financial statements are
not in conformity with GAAP or inadequate disclosure, format of
a qualified opinion due to scope limitation or insufficiency of
evidential matter, format of a qualified opinion due to a departure
from GAAP, format of a qualified opinion due to inadequate disclosure,
format of a disclaimer of an opinion, format of an adverse opinion,
lack of consistency having a material effect on comparability
of financial statements, circumstances when an auditor does not
refer to consistent application of accounting principles, qualified
opinion due to inadequate disclosure in the audit report, explanatory
paragraph relating to supplementary information, objective of
a compilation and review, appropriate review procedures, appropriate
dates for compilation/review/audit report, levels of assurance
relating to audit/review/compilation, items included in compilation
report, items included in review report, four basic types of reports,
types of opinions due to scope limitation, standard compilation
report, standard review report, standards of reporting, opening
paragraph of auditor's report, indication of division of responsibility,
scope paragraph of auditor's report, opinion paragraph of auditor's
report.
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- Letters and Other Issues
- Management letters, communications to the audit committee, material
instances of noncompliance with laws and regulations, auditor
association with financial statements, types and disclosure of
subsequent events, subsequent events requiring adjustment vs.
nonadjustment, discovery of subsequent event after report issuance,
interim financial information, reporting obligations when unable
to perform procedures, change in application of accounting principle,
updated reports vs. reissuance of reports, types of informal opinions,
introductory paragraph of comfort letter, OMB Circular A- 133,
specialist findings, presentation of unaudited prior period financial
statements.
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- Other Reporting Considerations
- Auditor's compilation report, comparative financial statements,
restated prior financial statements, financial statement disclosures,
uncertainties, types of misstatements considered at conclusion
of audit, predecessor auditor procedures, reporting on comparative
financial statements, 3 categories of uncertainties, change of
accounting principle, consistent application of GAAP, primary
responsibility for adequacy of disclosures, engagement of another
auditor, inclusion of auditor's name in client-prepared documents,
presentation requirements for prospective financial statements,
auditor's declination to examine prospective financial statements,
explanatory paragraph to standard report, emphasis-of-matter paragraph,
explanatory paragraph applicable to supplementary information,
opinion due to nonindependence of auditor, fair value disclosures,
5 categories of special reports, comprehensive basis of accounting
other than GAAP.
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