Audit reports in the UK - part 1
In this first part on UK audit reports, you'll learn how auditors communicate findings and comply with key regulatory requirements.
This lesson is part of a paid course
Buy the course to unlock every video lesson and the AI Tutor, plus mock exams with feedback on CIMA courses.
Already bought? Sign in
Ask the AI tutor anything about this lesson
It knows every lesson in the course — explanations, clarifications, practice questions.
In this lesson
- 0:00 ISA 701 and key audit matters
- 0:42 Describing key audit matters in reports
- 1:32 Materiality and scope transparency requirements
- 2:45 ISA UK 720 and other information
- 3:28 Statutory other information procedures
- 4:11 Strategic and directors' reports opinions
- 5:25 RAPID framework for exception reporting
- 6:57 Completing the UK auditor's report
About this lesson
The video covers ISO 701 requirements for reporting key audit matters—the most significant risks of material misstatement identified during the audit—including how to describe them, reference relevant disclosures, and explain the auditor's response. You'll also explore ISO UK 720 on auditor responsibilities regarding other information, and the mandatory reporting requirements under the Companies Act, including opinions on the strategic report and director's report, and the "RAPID" framework for matters that must be reported by exception: returns from unvisited branches, accounting records agreement, proper records maintenance, information and explanations received, and director's remuneration disclosure. This content is essential for AA (Audit and Assurance) students preparing for their exams and for understanding how professional auditors structure their reports in practice.
Duration: 8m
Transcript
Every lesson comes with a full searchable transcript - included with the course.
Get the Advanced Audit and Assurance course
All 177 video lessons, an AI Tutor in every lesson and lifetime access.
Already bought? Sign in