When dealing with subsequently discovered events

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Reference no: EM132156608

When we are wrapping up and audit, auditors are concerned about subsequent events that happen after the audit date (for example December 31, 2018) and the date of the auditors' report (for example February 19, 2019). Such events may happen after the date of the auditors' report, but before the financial statement is distributed to shareholders and others. We also discussed, such events may even be discovered long after the financial statements are released.

Discussed the auditors' responsibilities when dealing with subsequently discovered events. What impact may subsequent events on the financial statements and the auditors' reports on the financial statements. Remember our discussions and your reading concerning audit opinions other than the "clean", standard unmodified report (either on financial statements or internal control). Give at least one example of the events you are discussing.

Reference no: EM132156608

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