Audition rips CDs to the basic format that they were made from; 16-bit 44.1k stereo wav files (although they might appear as 32-bit I think, depending on settings in Audition), and after that, you can save them in any format that it has available. If you want to rip direct to FLAC, then I think that using (free) Exact Audio Copy might be somewhat faster, as I believe that you can do this directly if you have the correct encoder.
Thank you for getting back to me. One other question. I have a Yamaha RX-A2030. Does it identify the format of a given source and put itself into the proper settings? I must sound like a complete idiot. I notice when watching a SD tv show it does not change.