Session 1 – Overview of audit reporting

• Audit reporting
 Importance of audit reports
 Purposes of audit reports

• Types of audit opinions
 Unmodified
 Qualified
 Adverse
 Disclaimer

Session 2 – Parts of the audit report – Revised PSA 700

• Appropriate addressee

• Auditor’s opinion

• Basis for the opinion

• Responsibilities of management and those charged with governance

• Auditor’s responsibility for the audit of the financial statements

• Other reporting responsibilities

• Signature and date of the audit report

Caselette 1 – Drafting the audit report for an audit of a small business

• 

  Jesse Rey L. Meneses

Session 3 – Key audit matters and other reporting considerations

• Modifications to the opinion

• Emphasis of matter paragraph

• Other matter paragraph

• Key audit matters – PSA 701

• Other information

• Reporting on group financial statements

• Special-purpose financial statements


Caselette 2 – Drafting the audit report when there is a need to include an emphasis of matter paragraph



Session 4 – Best Practices in auditing small businesses

• Audit planning activities

• Identifying and assessing risks of material misstatements

• Assessing internal controls

• Tests of controls

• Substantive test procedures

• Audit wrap-up procedures

Caselette 3 – Formulating an Audit Program for an audit of an SME

• 

  Jesse Rey L. Meneses