O'Reilly logo

Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations by Joanne M. Flood

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

AU 560: Subsequent Events1

AU-C 560: Subsequent Events and Subsequently Discovered Facts

AU EFFECTIVE DATE AND APPLICABILITY

Original Pronouncements Statements on Auditing Standards (SASs) 1, 12, and 98.
Effective Date These statements currently are effective.
Applicability Audits of financial statements in accordance with generally accepted auditing standards (GAAS). (The accounting considerations apply whenever the accountant is reporting on financial statements. Thus, the accounting guidance also applies in compilation or review engagements.)

AU-C EFFECTIVE DATE AND SUMMARY OF CHANGES

SAS No. 122, Codification of Auditing Standards and Procedures, is effective for audits of financial statements with periods ending on or after December 15, 2012.

AU-C 560 supersedes AU 530; AU 560, Subsequent Events; AU 561, Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report; and paragraphs .51–.73 of AU 508.

AU-C 560 does not change extant requirements in any significant respect.

AU DEFINITIONS OF TERMS

Adjustment events. Events that provide additional evidence about conditions that existed at the date of the balance sheet and affect the estimates inherent in the process of preparing financial statements.

Date of the independent auditor’s report. The date of completion of fieldwork.

Disclosure events. Events that provide evidence about conditions that did not exist at the date of the balance sheet being reported on but arose after that date. These events should ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required