Lessons
- Introduction to Auditing
- Players in the Audit Industry
- Generally Accepted Auditing Standards (GAAS) - Overview
- Auditing Ethics and Rules of Professional Conduct
- Understanding the Independent Auditors' Report
- Auditor's Report with Reservations
- The Auditing Process
- Auditing: Management Assertions
- The Audit Evidence
- Audit Risk Models
- Auditing: Assessing Inherent Risk
- Auditing: The Concept of Materiality
- Auditing: Client Risk Profile
- How Auditors Document Their Work?
- Internal Controls in a Company
- COSO - Integrated Internal Control Framework
- Assessing Control Risk
- Testing Internal Controls
- Auditing Issues in Small Businesses
- Auditing Planning Approach
- Audit Programs
- Auditing the Sales Cycle
- Substantive Audit Procedures
Understanding the Independent Auditors' Report
This lecture looks at the standard audit report for an unqualified opinion. An unqualified audit report basically says that the financial statements are fair in all material aspects which is in your opinion as the auditor. Before you can say that, you need to pass through five important gates:
- You're engaged to perform an audit.
- You followed GAAS
- You gathered sufficient appropriate audit evidence
- You have evaluated the fairness of presentation relative to GAAP/IFRS
- You have no reservations whatsoever.
If all of these have been achieved, it's time to draft the audit report.
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