Module 3: Auditor Reporting consists of two videos, 5a - Independent Auditor's Report (time: 5:28)and 5 b - Audit Report Reservations (time: 4:56). The module is the third in the series of 17 modules from the ABC's of Auditing course by the author. While the fictitious company illustrated throughout the series is a Canadian firm, the presentation for the most part is suitable to both U.S. and Canadian viewers.
Type of Material:
Educational resource incorporated in traditional and online classes as an in-class presentation or online lecture.
Internet Browser, Media Video Player
Identify Major Learning Goals:
To inform and differentiate between the various types of audit reports and opinions available to auditors.
Target Student Population:
Undergraduate/graduate auditing educators and students
Prerequisite Knowledge or Skills:
An interest in auditing and, perhaps, Intermediate Accounting II
The standard unmodified auditor report is discussed as well as, circumstances (e.g., scope limitations or disagreements) requiring issuance of qualified/reserved, adverse and disclaimer auditor reports.
The presentation is clear, concise, current, and relevant. A sufficient amount of content has been included to demonstrate concepts. Content is also accurate in terms of Canadian standards.
Watching the video is helpful for U.S. viewers to see how similar the two standards are. For example, the inclusion of independent in the title; the use of the labels for the report paragraphs; and the four categories of opinions and reasons for providing them are the same.
While not necessarily a weekness, viewers do need to realize that terminology used is based on Canadian audit standards and some concept references made may be different from country to country. For example, U.S. Standards use the term "unmodified" instead of "unqualified".
GAAS and SAAE abbreviations mentioned in the first minute of the first video segment were not highlighted throughout the video. SAAE is not a common acronym. GAAS (Generally Accepted Auditing Standars), however, is well known. In the first segment where these acronymns were used, the author states they would be discussed later, but it was not obvious at what point that occurred.
Potential Effectiveness as a Teaching Tool
Teachers and students could learn a lot in a short time. The two video lectures are efficient and reinforce learning progressively demonstrating relationships between concepts.
The author is very enthusiastic about the auditing profession and has a captivating voice.
The author also interjects meaningful visualizations to illustrate concepts nicely during his presentation.
The first video shows the variations of a clean audit opinion. The presentation adeptly and succinctly provides the report wording changes required to achieve the possible variations of a clean opinion. This aspect helps clarify understanding before the user moves on to the second video which examines the other report audit attributes.
As a side note, the author also clevery uses the name of the audit firm to mimic the initials of a big-4 audit firm.
Ease of Use for Both Students and Faculty
The author’s website and related educational videos are professionally designed and visually appealing.
This author has a gift for presenting complex technical material in a very simple manner.
Author pauses discussion at appropriate times to allow for the interjection of an interactive question. This presentation technique allows the audience to process information based on positive feedback given and then masterfully continue with the session.
Subdividing the content into two video segments facilitates ease of use.
Sometimes some of the text is difficult to read. Some of the key points are highlighted, which helps somewhat. Theater mode (full screen) at the Youtube video site also helps alleviate this problem.
Other Issues and Comments:
Prepares of U.S. audit reports currently use the terminology “unmodified” instead of “unqualified” for a clean audit opinion. Also, in terms of U.S. users, a discussion of the group or component audit report is absent. While these two videos provide a good introduction to general report types, U.S. users will want to investigate other resources as well.
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