Subsequent events - audit process, Auditing

Subsequent Events - Audit Process

IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date.

Events than the balance sheet date are those events such happen occur between the balance sheet date and the date whenever the financial statements are authorized for matter.

Events after the Balance Sheet Date might be categorized as:

  1. Adjusting events and
  2. Non-adjusting events.

An entity adjusts the amounts that are recognised in the financial statements to reflect adjusting events than the balance sheet date.

Posted Date: 1/28/2013 2:13:12 AM | Location : United States







Related Discussions:- Subsequent events - audit process, Assignment Help, Ask Question on Subsequent events - audit process, Get Answer, Expert's Help, Subsequent events - audit process Discussions

Write discussion on Subsequent events - audit process
Your posts are moderated
Related Questions
The Concept of Audit Evidence Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the man

Determinants of amount of audit evidence

Companies Modes of Operation Some companies (especially small ones) operate without any overtly expressed plan and simply carry out the business as always, responding to market

internal control procedures to be put in place when purchasing a motor vehicle

Skills and Objectivity of Expert The skills and competence of the expe rt Whether planning to require the work of an expert, so the auditor should assess the professiona

With internal audit we always require to be careful of any manipulations within the company itself. Errors and frauds within the company cannot be denied /overlooked at any cost.

Q. Walkthroughs for auditor? Walkthroughs provide the auditor with evidence to: 1. Confirm auditor's understanding of the process flow of transactions. 2. Confirm auditor

Question 1: Auditing standards regulate the audit profession. a) Explain the importance and role of audit standards. b) Lists four of the standards issued by the INTOSAI

Government has recently set up a parastatal body responsible for waste management in Mauritius. The management is unsure as to the need for an audit and the setting up of an intern

Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro