How could I identify subsequent events requiring adjustment of or disclosure in the financial stat…
How could I identify subsequent events requiring adjustment of or disclosure in the financial statements?
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How could I identify subsequent events requiring adjustment of or disclosure in the financial stat…
How could I identify subsequent events requiring adjustment of or disclosure in the financial statements?
The auditor should perform procedures designed to obtain sufficient appropriate audit evidence that all events up to the date of the auditor’s report that may require adjustment of, or disclosure in, the financial statements have been identified. The procedure to identify “subsequent events” requiring adjustment or disclosure in financial statements as laid down in SA 560 is as under-
(1) Obtaining an understanding of any procedures management has established to ensure that subsequent events are identified.
(2) Inquiring of management and, where appropriate, those change with governance as to whether any subsequent events have occurred which might affect the financial statements.
When the auditor identifies events that require adjustment of, or disclosure in, the financial statements, the auditor shall determine whether each such event is appropriately reflected in those financial statements. If such events have not been considered by the management and which in the opinion of the auditor are material,the auditor shall modify his report accordingly.
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