subsequent events

subsequent events

• conditions that exist at the date of the FS
• conditions that arose after the date of the FS

objectives of the auditor

• obtain sufficient appropriate evidence
• respond appropriately

risk assessment (audit procedures)

• obtain understanding of procedures of mgmt.
• management inquiry
• reading subsequent interim FS
• reading minutes about subsequent matters.

DATES TO REMEMBER

• Date of FS
• Date of approval of FS
• Date of auditors report
• Date the FS is issued
• Subsequent events- 

date of approval of fs

date on which those with the recognized authority have asserted that all statements in FS have been prepared and those with authority have taken responsibility for those FS.

date of auditors report

report cannot be dated earlier than the date on which the auditor has obtained sufficient appropriate evidence on which to base the opinion of FS.
cannot be earlier than the date of approval of the financial statements.

date the fs are issued

date the auditor's report and audited financial statements are made available to third parties.

subsequent events

perform audit procedures designed to obtain sufficient appropriate audit evidence during this period.

subsequent events

subsequent events

auditor has no obligation to perform any audit procedures after date of auditors report. if the fact becomes known to the auditor before issuance of FS, auditor may amend report.