Auditor Communications - What the Audit Committee Needs to Know (Course Id 2892)

1. Who is this course for?
This course is designed for anyone needing Continuing Professional Education (CPE), particularly CPAs, accountants, auditors, audit committee members, and professionals involved in financial reporting oversight who want to better understand auditor communications with audit committees.

2. What is this course about or what problem does this course solve?
This course provides a practical overview of the information auditors are generally required to communicate to audit committees during an audit engagement, helping participants understand key audit communications, significant accounting matters, audit plan changes, and issues that may arise during the audit process.

3. Where can the knowledge from this course be used?
The knowledge gained from this course can be applied in audit engagements, financial reporting environments, corporate governance activities, audit committee interactions, and organizations that rely on effective oversight of financial reporting and auditing processes.

4. Why is this course important to a CPA or Accountant?
This course is important because it helps CPAs and accountants understand the communication requirements between auditors and audit committees, enabling them to support transparency, improve financial reporting oversight, recognize significant audit matters, and address issues that may affect audit quality and reporting integrity.

5. When is this course relevant or timely?
This course is relevant during audit planning, throughout the audit engagement, when significant accounting policies or estimates are being evaluated, when disagreements or audit difficulties arise, and whenever audit committees need timely information to fulfill their oversight responsibilities.

6. How is a course like this consumed or used?
This course is completed as a QAS self-study text course consisting of 34 pages with review questions and a final exam, allowing participants to study independently and earn 2.0 CPE credits upon achieving a passing score of at least 70% on the final exam.

This course provides a practical overview of what auditors must generally communicate to the audit committee throughout an audit engagement. It covers the auditor’s responsibilities, how the audit plan may change as new information emerges, and the use of internal auditors, other company personnel, or specialists in performing audit procedures. The course also addresses the evaluation and communication of significant accounting policies, estimates, unusual transactions, alternative accounting treatments, along with disagreements with management and other difficulties encountered during the audit. By the end of the course, you will come away with a better understanding of the types of information the audit committee should receive and why clear, timely communication supports effective oversight of the financial reporting process.

Course Learning Objectives

Upon completion of this course, you will be able to: