a) Explain the meaning of the term subsequent events and explain the importance of these events to
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Question:
a) Explain the meaning of the term ‘subsequent events’ and explain the importance of these events to the auditor.
b) Based on the above two events:
i) Discuss whether X-Chem's financial statements require adjustment or disclosure of information.
ii) Explain THREE (3) audit procedures for each of the above events that should be performed separately to support your answer in part (i).
c) Explain the effect on the audit report if the director of X-Chem refuses to make any adjustment or disclosure on the above explosion case.
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Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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