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Hi Tutor,
Noting the subsequent events (Adjusting and Non-adjusting events) IAS 10, I wonder if a negative material event occurs just after the Audit report is signed and the FS issued, what would happen?
Would the Directors/Auditors have the responsability to re-call the FS and make the appropriate amendments?Thanks.
Yes. The directors should issue a corrected set of FS complete with a new autit report.
If the directors refuse, the auditors must alert the shareholders that the FS they were originally sent are incorrect and,explain what the problem is.
Re-issue of FS is very rare. I can’t think of an example of a non-adjjusting event that would require this.
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