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Auditors Responsibility of Subsequent Events

A. Explain the auditor's responsibility for discovery of subsequent events occurring after completion of fieldwork but before issuance of the audit report.

b. When such an event occurs and is appropriately reflected in the financial statements, what are the auditor's alternatives with respect to dating the audit report and the conditions applicable to each alternative?

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Running Head: SUBSEQUENT EVENTS

Subsequent Events & Audit Dating

Answer (a).
The period between the date of preparation of financial statements and auditor's report is known as subsequent period. It is responsibility of auditor to perform several auditing procedures to find out the existence of subsequent events. The auditor has to issue double dating report for discovery of subsequent events after the completion of field work but before the issuance of the audit report. Double dating can be ...

Solution Summary

The expert examines auditors responsibility of subsequent events. The auditor`s alternatives with respect to dating the audit report and the conditions applicable to each alternatives are examined.

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