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Wiley Practitioner's Guide to GAAS 2018, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

by Joanne M. Flood
April 2018
Beginner to intermediate content levelBeginner to intermediate
880 pages
28h 54m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 560 Subsequent Events and Subsequently Discovered Facts

AU-C Original Pronouncement

Source Statement on Auditing Standards (SAS) 122.

Definitions of Terms

Source: AU-C 560.07

  1. Date of the auditor's report. The date that the auditor dates the report on the financial statements, in accordance with Section 700 (Ref: par. .A14).
  2. Date of the financial statements. The date of the end of the latest period covered by the financial statements.
  3. Subsequent events. Events occurring between the date of the financial statements and the date of the auditor's report.
  4. Subsequently discovered facts. Facts that become known to the auditor after the date of the auditor's report that, had they been known to the auditor at that date, may have caused the auditor to revise the auditor's report.

Objectives of AU-C Section 560

AU-C Section 560.05 states that:

…the objectives of the auditor are to

  1. obtain sufficient appropriate audit evidence about whether events occurring between the date of the financial statements and the date of the auditor's report that require adjustment of, or disclosure in, the financial statements are appropriately reflected in those financial statements in accordance with the applicable financial reporting framework and
  2. respond appropriately to facts that become known to the auditor after the date of the auditor's report that, had they been known to the auditor at that date, may have caused the auditor to revise the auditor's report.
Predecessor Auditor
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Publisher Resources

ISBN: 9781119396482Purchase book