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.
Since that receiver claims to be able to deal directly with FLAC, I'd guess that yes, it will spot it when it turns up. Try it and see?