Question: Integrated Audit Practice Case SEVENTH EDITION Assignment TEN Discussion Questions 1.What period is covered by the auditor's review for subsequent events? Give an example of

Integrated Audit Practice Case

SEVENTH EDITION

Assignment TEN

Discussion Questions

1.What period is covered by the auditor's review for subsequent events? Give an example

of a subsequent event that should result in disclosure, and a subsequent event that would

require adjustment to the financial statements.

2.Assume you learn of a subsequent event after the date of the audit report (end of audit

fieldwork) but before the audit report has been issued. How should you address this type

of subsequent event?

3.Your preliminary judgment of materiality was based on net income. Why is it necessary to

compare unadjusted misstatements to other bases of materiality? What should the auditor

do if the unadjusted misstatements exceed one or more materiality thresholds?

4.Why must the auditor review and obtain the client's approval of adjusting journal entries

before posting them to the trial balance? What should the auditor do if the client does not

agree with the proposed adjustments?

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