Guide to Using International Standards on Auditing in - IFAC

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160 <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 CONSIDER POINT It is in the interests of both audi<strong>to</strong>r and the client <strong>to</strong> complete the work necessary <strong>to</strong> issue the audi<strong>to</strong>r’s report on a timely basis. This will minimize the extent of work involved <strong>to</strong> identify, assess, and possibly disclose subsequent events in the financial statements. 13.2 Dual Dating Subsequent events that become known after the date of the audi<strong>to</strong>r’s report often result in additional audit work being required that affects account balances, accounting estimates, provisions, and other disclosures in the financial statements. In such situations, a new audi<strong>to</strong>r’s report would be issued that would not be dated earlier than the date of approval of the amended financial statements. However, for certain subsequent events, the additional audit work required can be restricted solely <strong>to</strong> the amendment of the financial statements as described in the relevant note <strong>to</strong> the financial statements. In these situations (assuming local laws or regulations permit), the original date of the audi<strong>to</strong>r’s report would be retained, but a new date is added (dual dating) <strong>to</strong> inform readers that the audi<strong>to</strong>r’s procedures subsequent <strong>to</strong> the original date were restricted <strong>to</strong> the subsequent amendment. An example of a situation involving dual dating: • The original audi<strong>to</strong>r’s report was dated September 15, 20XX; • On Oc<strong>to</strong>ber 22, 20XX, the entity announced the sale of a major part of its business. A new note (Y) describing the event was prepared by management for inclusion in the financial statements; and • The audit work performed on the details of note Y was completed on November 3, 20XX. The revised wording for dual dating the audi<strong>to</strong>r’s report would be as follows: “September 15, 20XX except as <strong>to</strong> Note Y, which is as of November 3, 20XX.”
161 14. Going Concern Chapter Content Audi<strong>to</strong>r’s responsibility with respect <strong>to</strong> management’s use of the going-concern assumption in the financial statements, and management’s assessment of the entity’s ability <strong>to</strong> continue as a going concern. Relevant ISAs 570 Exhibit 14.0-1 Risk Assessment Risk Response Reporting
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Guide to Using International Standards on Auditing in - IFAC

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