Question

Describe the requirements for reviewing for subsequent events?

Describe the requirements for reviewing for subsequent events?

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Answer #1

Subsequent events are events occurring between the date of financial statements and date of audit report, and facts that known to the auditor after the date of the auditor's report.

Requirements for Reviewing subsequent events:

  • Obtain sufficient appropriate audit evidence about whether events occurring between the date of the financial statements and date of the auditor's report that require adjustment of , or disclosure in, the financial statements are appropriately reflected in those financial statements; and
  • Respond appropriately to facts that become known to the auditor after the date of auditor's report, that had they been known to the auditor at that date, may have caused the auditor to amend the auditor's report accordingly.
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