Flashcards
PSA 560 Subsequent Events
Cards in this deck (9)
- 1Scope of PSA 560 Subsequent Events1. Auditor's responsibilities to subsequent events
2. financial st. may be affected by
-existed at date of fs
-arose after date of fs - 2OBJECTIVES OF AN AUDITOR UNDER PSA 5601. Obtain suff, app. audit evidence that subsequent events are appropriately reflected
2. respond appropriately - 3Basic/General Requirements of PSA 560 Subsequent Events1. Events occurring bet. Date of FS and Date of Auditor's Report
2. Facts known after date of auditor's report BUT before Date of FS issuance
3. Facts known after FS issuance - 4What to do about events occurring between DATE OF FINANCIAL ST. and DATE OF AUDITOR'S REPORT1. perform audit procedures
2. cover period fr. date of FS or up to as near as practicable to date of auditor's report
3. determine if app. reflected
4. Obtain written representations - 5What should the written representation containthat mgt/TCG has adjusted/disclosed all subsequent events that require such adj accdg to applicable fwk
- 6What should auditor do in the ff case - facts after date of auditor's report but before date of fs and had he known at date of report may have caused him to amend the report1. discuss w/ mgt
2. determine if need amendment
3. inquire as to how mgt intends to address - 7What should the auditor do if mgt amends the report due to subsequent events know after date of auditor's report but before date of FS issuance1. perform audit procedures necessary so that
2. extend a. proc up to date of new auditor's report
3. issue new auditor's report on amended
-2,3 subject to restriction- - 8If amendment is restricted to such subsequent event, the auditor shall do what....1. amend by additional date/ dual dating
or
2. provide new/amended auditor's report that should contain and EMPHASIS OF MATTER or OTHER MATTER par - 9if law does not require amendment but auditor believes it needs amendment the auditor should do...1. if not yet given to entity, AMEND the report by MODIFYING OPINION
2. if already given then NOTIFY mgt not to issue/ prevent reliance of users
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- Certificate Auditing Theory Flashcards on PSA 560 Subsequent Events, created by Irene Eloisa on 05/05/2015.
- Created by
- Irene Eloisa
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