What date should the auditor assess subsequent events through?
The audit team should assess whether any subsequent events should be disclosed in the financial statements up through the date that the financial statements and auditors report are issued to the general public.
Technically, the subsequent event period stops on the date of the auditors report, but the audit team should still be aware of any significant events until their report is issued. If the audit team dates their report, and then identifies a subsequent event, they should request that the financial statements be updated.
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What audit procedures should be performed for identifying subsequent events?
For audit purposes, subsequent events or transactions are events that occur after the balance sheet date, but before the financial statements are issued or are available to be issued to readers. During the subsequent period, the auditor should be able to obtain an understanding of the procedures in which management has determined these events. The […]
What is a subsequent event?
In general, subsequent events covers information that surfaces to managements attention after the date of the financial statements, but prior to the issuance of the financial statements. For example, if the company has a year-end date of December 31, Year 1, and the financial statements are not issued until March 15, Year 2, then any […]