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Track 5 of 19 · Core

Completion and reporting

Closing an audit and issuing the report under AU-C 560, 570, 580, 450, 700, 705, 706 and 720, with the governance and internal control communications under AU-C 260 and 265.

13 lessonsAbout 59 minAU-C 450 · AU-C 560 · AU-C 570 · AU-C 580 · AU-C 700 · AU-C 705 · AU-C 706
0 of 13 complete
Syllabus

For: Seniors, managers and anyone who drafts or reviews the report package.

  1. 01Subsequent events: AU-C 560 procedures and ASC 855 recognitionHow to run subsequent events procedures through the report date under AU-C 560 and sort each event into recognized or nonrecognized under ASC 855.5 min · worked example · 4 self-check questions
  2. 02Going concern: AU-C 570 procedures and the ASC 205-40 look-forward periodHow management and the auditor evaluate substantial doubt over the one-year look-forward period, test management plans, and decide what the report must say.5 min · worked example · 4 self-check questions
  3. 03Legal letters: litigation, claims and assessments under AU-C 501How to identify litigation, send the inquiry letter to legal counsel, time the response, and react when a lawyer limits or refuses a reply.5 min · worked example · 3 self-check questions
  4. 04Written representations: what AU-C 580 requires in the letterThe required representations, how to date the letter, who signs, and what to do when management refuses a representation or you doubt its reliability.4 min · worked example · 3 self-check questions
  5. 05Evaluating misstatements under AU-C 450: clearly trivial, the summary and the conclusionHow to accumulate misstatements above clearly trivial, sort them into factual, judgmental and projected, and conclude whether uncorrected items are material.4 min · worked example · 4 self-check questions
  6. 06Final analytical review and forming the overall conclusionHow to run the AU-C 520.06 analytical review near the end of the audit, investigate what it surfaces, and pull the evidence together into the opinion decision.4 min · worked example · 3 self-check questions
  7. 07Communicating with those charged with governance under AU-C 260Who you communicate with, the required planning and findings matters, when communication must be written, and how to document an oral discussion.4 min · worked example · 3 self-check questions
  8. 08Internal control communications: deficiencies, significant deficiencies and material weaknessesHow to evaluate the severity of control deficiencies found in an audit, what the AU-C 265 written communication must contain, and the 60-day deadline.5 min · worked example · 4 self-check questions
  9. 09The unmodified auditor's report under AU-C 700 after SAS 134The required sections and their order in a GAAS auditor's report, the wording each must carry, and the drafting errors that peer reviewers flag.5 min · worked example · 4 self-check questions
  10. 10Modified opinions under AU-C 705: qualified, adverse and disclaimerHow the nature of the matter and the pervasiveness of its effects decide between qualified, adverse and disclaimer, and how each changes the report wording.4 min · worked example · 3 self-check questions
  11. 11Emphasis-of-matter, other-matter paragraphs and key audit mattersWhen AU-C 706 requires or permits an emphasis-of-matter or other-matter paragraph, and how key audit matters under AU-C 701 work when you are engaged to report them.5 min · worked example · 3 self-check questions
  12. 12Other information in annual reports under AU-C 720What counts as an annual report, how to read other information for inconsistencies, how to respond to a misstatement, and when to add an Other Information section.4 min · worked example · 3 self-check questions
  13. 13Report date, report release date and documentation completion dateHow the report date, release date and documentation completion date differ, the AU-C 230 60-day and five-year rules, and facts found after the report date.5 min · worked example · 4 self-check questions
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