Lesson: Engagement Reports, Results, Emphasis-of-matter, & Other-matter Paragraphs Summary

Instructor: Nick Palazzolo

This lesson provides a comprehensive overview of the various types of paragraphs found in audit reports, such as explanatory, other matter, and emphasis of matter paragraphs. By the end of this lesson, viewers will be able to identify the proper uses of each paragraph, understand and memorize the basic structure of audit reports, know when to include specific paragraphs, and comprehend the end result of each engagement type. Nick Palazzolo emphasizes the importance of continuous studying and utilizing all study resources to adequately prepare for the exam.

Updated: June 22, 2023 Create an account

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Recommended Lessons

Engagement Reports, Results, Emphasis-of-matter, & Other-matter Paragraphs Overview

Engagement Reports, Results, Emphasis-of-matter, & Other-matter Paragraphs Objectives

Introduction to Engagement Reports, Emphasis-of-Matter, and Other-Matter Paragraphs

The Audit Report

Going Concern Issues

Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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All right, we had another great lesson, and this is our last lesson. I mean, obviously, as you may go through and revisit lessons, I'll be here pretending like it's not the last lesson. Just take it at your own pace, revisit it. My more enthusiastic self, maybe I'm more enthusiastic earlier on. I think I'm pretty lovely enthusiastic depending on the lessons. Now, in summary here, let's wrap it all up. We want to be able to identify the proper uses of each type of paragraph in our audit report. Explanatory, other matter, emphasis of matter, all of those, super important. We also want to understand and memorize the basic structure of audit reports, of these end deliverables. What's our end deliverable for this engagement? Generally, it can be these reports, right? And the ordering of the paragraphs and each statement within this. We also want to memorize when to include these specific paragraphs. Lastly, know the end result or the end product of each engagement type. We've included all these charts and graphics of these engagement types. It's the last time I'll say it in chronological order, our menu of engagements. You want to memorize what is the end result if a client decides to choose that type of engagement. What's going to happen? That's for you to memorize and get a lot of points on the exam. All right, well, I'm going to bid you adieu, say farewell. Please keep studying. Sims, multiple choice, flashcards, videos, do everything, just absolutely everything. You can never study enough. OK, maybe you went a little too hard and memorized absolutely every word from the authoritative literature. That would be a little aggressive. But with what we've got here, we've got all of our AI logistics helping you get prepared as

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Engagement Results

Module: 2 Concepts, 22 Lessons

Audit Opinions Overview

0:31

Audit Opinions Objectives

1:08

Introduction to Audit Opinions

1:57

Auditor's Evaluation of Criteria in Determining an Opinion