Subsequent events-2 (CAF 9 MIND MAP)-Audit report

Subsequent events-2 (CAF 9 MIND MAP)-Audit report

The work of the exterior auditor in this region is enclosed by ISA 560 consequential events.

The objectives of the auditor, as affirmed in ISA 560 are as go behind:

The auditor should acquire satisfactory, fitting evidence about whether measures occurring between the date of the monetary statements.

And the date of the audit report is fittingly reproduced in those monetary statements.

The auditor should also react fittingly to essentials that become known to him behind the date of the audit description.

That, had they been known to him at that date, may have reason him to modify his report.

This means that audit measures must be considered and execute.

So as to believe all vital transactions happening after the reporting era.

This means that the audit work does not stop with proceedings only up to the end of the coverage era.

There are two key dates after the end of the reporting era:

The date of the audit description and the date that the monetary statements are issued:

1.   Before the matter of the assessment description, the auditor should aggressively look for noteworthy subsequent events.

This is sometimes referred to as an energetic evaluation.

2.   After the issue of the assessment details (and up to the time that the monetary declaration are issued).

The auditor has to believe the collision of any noteworthy ensuing events that come to his notice.

However, he does not have to appear for these events   aggressively. This is sometimes referred to as a reactive evaluation.

Post a Comment