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Audit procedures to test subsequent events

1.4 Audit procedures to test subsequent events

Inquiries of management

? Status of items accounted for using preliminary or inconclusive data.

? Whether there are any new commitments, borrowings or guarantees.

? Whether there have been any:

ü Sales or destruction of assets.

ü Issues of shares/debentures or changes in business structure.

ü Major events affecting appropriateness of accounting policies for estimates.

ü Litigations or claims.

Other procedures

? Review management procedures for identifying subsequent events to ensure that such events are identified.

? Read minutes of general board/committee meetings and enquire about unusual items.

? Review latest available interim FS and budgets, cash flow forecasts and other management reports.

Other procedures

? Obtain evidence concerning any litigation or claims from the company’s solicitors with client permission.

? Obtain written presentation that all events occurring subsequent to the period-end which need adjustment or disclosure have been adjusted or disclosed.

1.4 Facts discovered after the date of the auditor’s report but before the FS are issued

? The FS are responsibility of the management.

? The management should inform the auditors of any material subsequent events between the date of the auditors’ report and the date the FS are issued.

? The auditor does not have any obligation:

ü To perform procedures.

ü Make enquiries regarding the FS, after the date of the report.

? If the auditor become aware of a fact that had it been known to the auditor at the date of the report may have caused the auditor to amend the auditor’s report, the auditor shall:

ü Discuss the matter with management and those charged with governance.

ü Determine whether the FS need amendment.

ü If amendment is required, inquire how management intends to address the matter in the FS.

1.4.1 If amendment is required and management makes the necessary changes

? The auditor must carry out the following procedures:

ü Undertake any necessary audit procedures on the changes made.

ü Extend audit procedures for identifying subsequent events that may require adjustment of or disclosure in the FS to the date of the new auditor’s report.

ü Provide a new auditor’s report on the amended FS.

1.4.2 If amendment is required and management does not amend the FS

? If the auditor’s report has not yet been provided to the entity:

ü The auditor shall modify the opinion and then provide the auditor’s report.

? If the auditor’s report has already been provided to the entity,

ü The auditor shall notify management and those charged with governance not to issue the FS before the amendments are made.

? If the FS are issued anyway, the auditor shall take action to seek to prevent reliance on the auditor’s report.

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