Attention post Jan 1 Audit Exam test takers: As you might be aware, some updates are coming to the audit report for nonissuers.
Changes are being made to the format of the nonissuer report. The big changes are as follows:
1. The opinion paragraph will now be at the top of the audit report.
2. Followed by the opinion paragraph will now include a “basis for opinion paragraph” (even for unmodified opinions).
3. The audit report will now include what’s referred to as the “Key Audit Matters” paragraph. This is the newest and biggest one! You should be familiar with the purpose and the context of this paragraph.
As always, Universal CPA Review’s visual learning platform has got you covered! Our materials will be fully updated to reflect these changes.
Check out the below YouTube video to see Universal CPA Review’s updated video lecture on this topic! Don’t forget to like & subscribe!
If you’re studying for the CPA Exam and consider yourself more of a visual learner, check out Universal CPA Review’s free 14 day trial today!
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