Guide to Using International Standards on Auditing in - IFAC

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154 13. Subsequent Events Chapter Content Relevant ISAs Audi<strong>to</strong>r’s responsibility regarding subsequent events. 560 Paragraph # ISA Objective(s) 560.4 The objectives of the audi<strong>to</strong>r are: (a) To obtain sufficient appropriate audit evidence about whether events occurring between the date of the financial statements and the date of the audi<strong>to</strong>r’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 (b) To respond appropriately <strong>to</strong> facts that become known <strong>to</strong> the audi<strong>to</strong>r after the date of the audi<strong>to</strong>r’s report, that, had they been known <strong>to</strong> the audi<strong>to</strong>r at that date, may have caused the audi<strong>to</strong>r <strong>to</strong> amend the audi<strong>to</strong>r’s report Paragraph # Relevant Extracts from ISAs 560.5 For purposes of the ISAs, the following terms have the meanings attributed below: (a) Date of the financial statements—The date of the end of the latest period covered by the financial statements. (b) Date of approval of the financial statements—The date on which all the statements that comprise the financial statements, including the related notes, have been prepared and those with the recognized authority have asserted that they have taken responsibility for those financial statements. (Ref: Para. A2) (c) Date of the audi<strong>to</strong>r’s report—The date the audi<strong>to</strong>r dates the report on the financial statements in accordance with ISA 700. (Ref: Para. A3) (d) Date the financial statements are issued—The date that the audi<strong>to</strong>r’s report and audited financial statements are made available <strong>to</strong> third parties. (Ref: Para. A4-A5) (e) Subsequent events—Events occurring between the date of the financial statements and the date of the audi<strong>to</strong>r’s report, and facts that become known <strong>to</strong> the audi<strong>to</strong>r after the date of the audi<strong>to</strong>r’s report.
155 <strong>Guide</strong> <strong>to</strong> <strong>Using</strong> <strong>International</strong> <strong>Standards</strong> on Auditing in the Audits of Small- and Medium-Sized Entities Volume 1—Core Concepts 13.1 Overview This standard provides guidance on the audi<strong>to</strong>r’s responsibility regarding subsequent events. Subsequent events occur after the date of the financial statements (the period-end date). Other key dates in the preparation, audit, and release of financial statements are outlined in the exhibit below. Exhibit 13.1-1 “Subsequent events” refers <strong>to</strong>: • Events occurring between the date of the financial statements and the date of the audi<strong>to</strong>r’s report; and • Facts that become known <strong>to</strong> the audi<strong>to</strong>r after the date of the audi<strong>to</strong>r’s report. Paragraph # Relevant Extracts from ISAs 560.6 The audi<strong>to</strong>r shall perform audit procedures designed <strong>to</strong> obtain sufficient appropriate audit evidence that all events occurring between the date of the financial statements and the date of the audi<strong>to</strong>r’s report that require adjustment of, or disclosure in, the financial statements have been identified. The audi<strong>to</strong>r is not, however, expected <strong>to</strong> perform additional audit procedures on matters <strong>to</strong> which previously applied audit procedures have provided satisfac<strong>to</strong>ry conclusions. (Ref: Para. A6) 560.7 The audi<strong>to</strong>r shall perform the procedures required by paragraph 6 so that they cover the period from the date of the financial statements <strong>to</strong> the date of the audi<strong>to</strong>r’s report, or as near as practicable there<strong>to</strong>. The audi<strong>to</strong>r shall take in<strong>to</strong> account the audi<strong>to</strong>r’s risk assessment in determining the nature and extent of such audit procedures, which shall include the following: (Ref: Para. A7-A8) (a) Obtaining an understanding of any procedures management has established <strong>to</strong> ensure that subsequent events are identified. (b) Inquiring of management and, where appropriate, those charged with governance as <strong>to</strong> whether any subsequent events have occurred which might affect the financial statements. (Ref: Para. A9) (c) Reading minutes, if any, of the meetings, of the entity’s owners, management and those charged with governance, that have been held after the date of the financial statements and inquiring about matters discussed at any such meetings for which minutes are not yet available. (Ref: Para. A10) (d) Reading the entity’s latest subsequent interim financial statements, if any.
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Guide to Using International Standards on Auditing in - IFAC

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