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 auditors responsibility for each ...

Subsequent events are material events that occur after the balance sheet dat ...

What is the difference between a subsequent event that occurs between the balance sheet date and the

Question:

What is the difference between a subsequent event that occurs between the date and the date and the discovery after the date of facts that existed at the report date? Describe the auditor’s responsibility for each.

Audit Report
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...