PCAOB Auditing Standard 3101: Auditor's Unqualified Opinion
PCAOB Auditing Standard 3101: The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion establishes requirements regarding the auditor's opinion after providing a financial audit.
The auditor's report contains either an expression of opinion on the financial statements or an assertion that an opinion cannot be expressed.
This standard establishes requirements regarding the content of the auditor's written report when the auditor expresses an unqualified opinion on the financial statements.
This standard establishes the requirements regarding the reporting of critical audit matters relating to the audit of the financial statements.
This timely, two hour morning CPE training event is designed for the CPA firm staff members who will be working on PCAOB regulated audits. The attendees will learn how to properly address the audit report for an unqualified opinion and the effects of the Auditing Standard on the auditing workpapers.
The retail cost of the online 2 CPE internal auditor training event is $120 per attendee.
Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.
Program Level of Understanding: Basic
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour
CPE Event Highlights
The objectives of this event is to clearly define for the auditor how to present their conclusion that an unqualified opinion is appropriate for a financial statement audit. It provides details on how a written report that expresses an unqualified opinion on the financial statements should be presented. Additionally, the audit standard requires the auditor to now close the risk management loop by properly communicating the critical audit matters relating to the audit of the financial statements.
Understand the PCAOB's Audit Standard 3101.
Understand how to structure the unqualified opinion.
Key Items on the Agenda
Introductions and Administrative Items
What is the "PCAOB Auditing Standards" context?
What are the Five Major Audit Standard Sections
What is in Section 3100: Auditor Reporting
Section 1 - Auditing Standard 3101 - Unqualified Opinion
Introduction to the Standard
Objectives of the Standard
Basic Elements of the Unqualified Report
Critical Audit Matters
Emphasis of a Matter
Information about Certain Audit Participants
Section 2 - Going Forward and Summary
PCAOB Inspections Observations on Section 3101
PCAOB Guidance on AS 3101