What is the difference between a subsequent event that occurs between the balance sheet date and the audit report date and the discovery after the audit report date of facts that existed at the report date? Describe the auditor’s responsibility for each.
Answer to relevant QuestionsIf, subsequent to issuing a report, the auditor discovers information that existed at the report date and materially affects the financial statements, what actions should the auditor take if the auditee consents to disclose ...How does consultation facilitate good professional judgment at the conclusion of the audit?Courtney Heart is completing the audit of Profile Framing Ltd. The framing business is seasonal and very competitive. She discovers that a major long-term debt in the draft financial statements is actually due for repayment ...When interim information is presented in a note to annual financial statements, under what circumstances would an audit report on the annual financial statements be modified with respect to the interim financial information?A PA states in the report on a review services engagement the following: Based on my review, I am not aware of any material modifications that should be made to the accompanying financial statements in order for them to be ...
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