CE/CPE Course Information

Financial Statement Audit Reports (Effective for Audits of Financial Statements for Periods Ending on or after 12/15/2020)

CPE Credits: 4
Subject Area: Accounting and Auditing
Field of Study: Auditing
Program Level: Overview
Lesson Version: 1-1
Publication/Revision Date: November 4, 2019
Prerequisites/Advanced Preparation: None
Written By: William A. Hillison, Ph.D., CPA, CMA


After completing this course, you will be able to

  • Determine the auditor’s reporting responsibility for the audit of nonissuers
  • Answer technical questions on audit opinions
  • Answer questions about group audits and the use of component auditors
  • Assess the consistency of financial statements
  • Identify the accounting treatments of uncertainties and going concern issues
  • Apply the reporting requirements for comparative financial statements
  • Determine when to use emphasis-of-matter and other-matter paragraphs.

Course Topics
  1. The Auditor’s Reporting Responsibility
  2. The Auditor’s Report (AU-C 700)
  3. Qualified Opinions (AU-C 705)
  4. Adverse Opinions (AU-C 705)
  5. Disclaimers of Opinion (AU-C 705)
  6. Group Audits and Component Auditors (AU-C 600)
  7. Consistency of Financial Statements (AU-C 708)
  8. Uncertainties and Going Concern Issues (AU-C 570 and AU-C 705)
  9. Comparative Financial Statements (AU-C 700)
  10. Emphasis-of-Matter and Other-Matter Paragraphs (AU-C 706)

This self-study course consists of an Audiovisual presentation or a 20-question True/False Introductory quiz, a Knowledge Transfer Outline with multiple-choice questions for study and review, and a Qualified Assessment of 20 questions.

This course is designed for your convenience. You may log out at any time during the course; your current position and all work will be saved. The next time you log in, you can resume right where you logged off.

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For more information regarding administrative policies such as complaints and refunds, please contact our CPE Department at (800) 874-5346 ext. CPE (273).