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Briefly describe two common steps auditors take to learn about the existence of subsequent events.

Briefly describe two common steps auditors take to learn about the existence of subsequent events.

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Answer #1

First step which auditor should take is to see whether there exist any legal case against the company at year end. He should understand the case and should judge the chances of losses of company and amount that need to pay in case company loose.

Second auditor should analyse that is there any event arises between the books of accounts closing date and balance sheet approval date such that company has to close its operations or any branch or subsidiary. If yes, then did the company prepare the books on the basis of non going concern.

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