Slipp & Slide are conducting the final audit of Woodhood plc who are importers and dealers in timber and manufacturers of packing materials. The accounts show results which are comparable to those of the previous year. The auditors are puzzled by this as they know that the company is having difficulties and that creditors are pressing and the bank is making difficulties over the overdraft. The auditors are suspicious of the accounts and resolve to be especially vigilant in the audit of post Statement of Financial Position events. The company's year-end is 31 March 202X and they are doing the audit in mid-June 202X. Two specific items have come to their attention:
(a) In the sales office the auditors found some promotional literature offering special very low prices for obsolete stock in July.
(b) In conversation with the purchasing manager the auditors discovered that the company had signed a barter deal with an exporter in China for the exchange of specialized wood products for some woodworking machinery of Westwood that is surplus to requirements. The contract was signed in February 202X for completion in the winter of 202X/2Y.

Discussion
- List the procedures that the auditors should adopt post Statement of Financial Position events.
- What particular further facts should they elicit with regard to (a) and (b)?
- What might be the significance of these items for the accounts?