Events Occurring between the Date of the Financial Statements and the Date of the Auditor's Report
Facts Which Become Known to the Auditor after the Date of the Auditor's Report but before the Date the Financial Statements Are Issued
Facts Which Become Known to the Auditor after the Financial Statements Have Been Issued
Spread the Word!What are the procedures to identify subsequent events?However the following procedures are typical of a subsequent events review: Enquiring into management's procedures/systems for the identification of subsequent events; Inspection of minutes of members' and directors' meetings; Reviewing accounting records including budgets, forecasts and interim information.
Which of the following procedures should an auditor perform regarding subsequent events?Which of the following procedures should an auditor generally perform regarding subsequent events? Compare the latest available interim financial statements issued after year-end with the financial statements being audited.
What are the types of subsequent events the auditor should identify?There are two types of subsequent events:. Adjusting events. An event that provides additional information about pre-existing conditions that existed on the balance sheet date.. Non-adjusting events. A subsequent event that provides new information about a condition that did not exist on the balance sheet date.. Which of the following procedures would not be performed by the auditor to identify subsequent events?Which of the following procedures would not be performed by auditors to identify subsequent events? Review prior-year financial statements and disclosures.
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