An entity may present summary financial statements derived from the entity’s audited financial statements. The entity may engage the auditor of its financial statements to report separately on the summary financial statements. This course introduces an auditor’s responsibilities—under generally accepted auditing standards—when reporting on summary financial statements. Upon completion of this course, you will be able to: Distinguish the form and content of summary financial statements from that of other financial reports. Describe the conditions under which an auditor may accept an engagement to report on summary financial statements. Identify the procedures an auditor performs to gain evidence about summary financial statements. Cite the types of opinions an auditor may express on summary financial statements. List the elements of an auditor’s report on summary financial statements.
Basic understanding of audits of financial statements