2658597
Description
Flashcards by Irene Eloisa, updated more than 1 year ago
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Created by Irene Eloisa
almost 9 years ago
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| Question | Answer |
| Scope of PSA 560 Subsequent Events | 1. Auditor's responsibilities to subsequent events 2. financial st. may be affected by -existed at date of fs -arose after date of fs |
| OBJECTIVES OF AN AUDITOR UNDER PSA 560 | 1. Obtain suff, app. audit evidence that subsequent events are appropriately reflected 2. respond appropriately |
| Basic/General Requirements of PSA 560 Subsequent Events | 1. 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 |
| What to do about events occurring between DATE OF FINANCIAL ST. and DATE OF AUDITOR'S REPORT | 1. 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 |
| What should the written representation contain | that mgt/TCG has adjusted/disclosed all subsequent events that require such adj accdg to applicable fwk |
| What 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 report | 1. discuss w/ mgt 2. determine if need amendment 3. inquire as to how mgt intends to address |
| What 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 issuance | 1. 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- |
| If 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 |
| if 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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