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The Responsibilities of an Auditor

This posting contains an APA formatted MS Word file containing information in regards to the responsibilites of an auditor in the performance of their duties; including their responsibility for discovering of subsequent events occurring after
completion of fieldwork but before issuance of the audit report, and what must be done when such an event occurs and is appropriately reflected in the financial statements.

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For your convenience, I have attached a formatted MS Word file containing the information below, as well as reference sources that may prove useful in gaining a better understanding of the material.

Auditing procedures

1. The auditor's responsibility for discovering of subsequent events occurring after
completion of fieldwork but before issuance of the audit report.

According to the American Institute of Certified Public Accountants, "an independent auditor's report ordinarily is issued in connection with historical financial statements that purport to present financial position at a stated date and results of operations and cash flows for a period ended on that date" (AICPA, 2006). However, according to past experience, there have proven to be many events or transactions that sometimes occur after the balance-sheet date, but prior to the issuance of the financial statements that can have a material effect on the financial statements themselves, subsequently requiring an adjustment or disclosure in the statements. These occurrences, according to the AICPA are referred to as "subsequent events," may require dollar adjustments to the financial statements and/or disclosure" (AICPA, ...

Solution Summary

This posting contains an APA formatted MS Word file containing information in regards to the responsibilites of an auditor in the performance of their duties.

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