In this lesson, Nick Palazzolo, CPA, guides students through the process of answering multiple-choice questions, focusing on the key aspects of audit reports, documentation, and the various paragraph types they may encounter. Nick begins by discussing the earliest possible date an audit report may be dated and examines when sufficient appropriate evidence needs to be obtained before dating an audit report. He then delves into the responsibilities of predecessor and successor auditors in relation to reissuing prior year's audit reports. Lastly, he tackles a question surrounding changes in accounting principles and their potential material effect on the comparability of financial statements. With a straightforward approach, students will gain a deeper understanding of these essential audit concepts and be better equipped for the CPA exam.
Lesson: Engagement Reports, Results, Emphasis-of-matter, & Other-matter Paragraphs Practice Questions
In this lesson, Nick Palazzolo, CPA, guides students through the process of answering multiple-choice questions, focusing on the key aspects of audit reports, documentation, and the various paragraph types they may encounter. Nick begins by discussing the earliest possible date an audit report may be dated and examines when sufficient appropriate evidence needs to be obtained before dating an audit report. He then delves into the responsibilities of predecessor and successor auditors in relation to reissuing prior year's audit reports. Lastly, he tackles a question surrounding changes in accounting principles and their potential material effect on the comparability of financial statements. With a straightforward approach, students will gain a deeper understanding of these essential audit concepts and be better equipped for the CPA exam.
Updated: June 22, 2023 Create an account