Chapter 1 Subsequent events

ACCA detailed syllabus

?  Explain the purpose of a subsequent events review.

?  Explain the responsibilities of auditors regarding subsequent events.

?  Discuss the procedures to be undertaken in performing a subsequent events review.

1. 1 Subsequent events

?  Subsequent events are:

① Events occurring between the date of the FS and the date of the auditor’s report.

②   Facts that become known to the auditor after the date of the auditor’s report.

?  IAS 10 Events after the reporting period deals with the treatment in the FS of events, both favorable and unfavorable, occurring after the year-end.