Describe the two types of subsequent events. How is each type accounted for in the financial statements? Provide an example of each type of subsequent event.
Answer to relevant QuestionsExplain the audit procedures for related parties. Who are an audit client's related parties? Describe the auditors' responsibility for reviewing the footnotes and other material found in the annual report. Consider the audit procedure to obtain a representation letter from the client at the end of the audit. The staff accountant on the engagement questions the necessity for this procedure, saying, "Isn't this procedure silly? ...Describe the auditing standard for reporting. Discuss auditors’ various reporting responsibilities. Why are they important to the audit report?
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