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Involve examination of subsequent events

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You are auditing the financial statements of Newbridge Trading plc, for the year-ended 31 October 2020.The senior partner of your audit firm has asked you to consider the auditor's responsibilities for identifying subsequent events. Also, he has asked you to describe the audit procedures, which examine subsequent events. He has suggested that an example of one point in answer to par (b) below would be checking sales ledger cash received after the year-end to determine the realizability of debtors at the year-end and highlight doubtful debts. ?

The detailed audit work was completed on Friday 5 December 2020. It is proposed that:

a) The audit report will be signed on Friday 19 December;

b) The financial statements will be sent to shareholders on Monday 5 January 2021 and

c) The company's annual general meeting will be held on Wednesday 28 January 2021.

Required:

a) Consider the auditor's responsibilities for detecting material subsequent events in the periods:

i) 31 October to 5 December 2020

ii) 5 December to 19 December 2020

iii) 19 December 2020 to 5 January 2021

iv) 5 January 2021 to 28 January 2021

v) After 28 January 2021

b) List and briefly explain audit procedures, which involve examination of subsequent events.

c) Describe the audit work you will carry out in period (a) (ii) above.

Reference no: EM132881487

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