Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

26AU-C 585 Consideration of Omitted Procedures after the Report Release Date

• Scope
• Definition of Term
• Overview
  • Professional Disagreements
  • No Substitute for Omitted Procedures
• Objectives of AU-C Section 585
• Requirements
  • Assessing the Effect of Omitted Procedures
  • Applying Omitted Procedures
  • Inability to Apply Omitted Procedures
• Determining Importance of Omitted Procedures
  • Review of Audit Documentation
  • Discussions with Audit Personnel
  • Review of Subsequent Period Audit Documentation
• AU-C 585 Illustration—Applying the Omitted Procedure

SCOPE

AU-C 585 provides guidance when the auditor realizes after the report release date that one or more necessary auditing procedures were omitted. (AU-C 585.01) AU-C 585 does not apply when the auditor's work is an issue in a threatened or pending legal proceeding or regulatory investigation. (AU-C 585.02)

Section 560, Subsequent Events and Subsequently Discovered Facts, provides guidance when the auditor becomes aware, subsequent to the date of the report on the audited financial statements, that facts may have existed at that date that might have affected the financial statements or the audit report had the auditor been aware of those facts. These facts usually relate to the financial statements and whether those financial statements are presented fairly in all material respects in conformity with generally accepted accounting principles (GAAP).

Section 560 applies to facts that indicate possible misstatement of financial statements, ...