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ACCT3014 Week 10 PDF
ACCT3014 Week 10 PDF
Subsequent Events
Semester 2, 2014
ACCT3014, Week 10
Subsequent Events
Semester 2, 2014
- Initiated by auditor
3 options
- Events that require the financials to be adjusted
- Events that require disclosure in the financials
- Do nothing
Adjusting events
Non-adjusting events
date
Examining minutes issued subsequent to the balance sheet date
Obtaining written representations from management (often
called a management representation letter).
oMerger or acquisition.
ACCT3014, Week 10
Subsequent Events
Semester 2, 2014
Evaluate Results
Fig 17.7
Sufficiency of evidence:
- Reviewing the audit program.
Evidence supports auditors opinion:
- Summarising the misstatements uncovered in the audit.
Financial report disclosures:
Adequacy of financial statement disclosures.
Working paper review:
-
-