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Hello tutor
thanks for your helpI would like to ask you one thing regarding the topic subsequent events
what is the simpliest way to get this topicadjusted and non adjusted events ?
2nd question
how often questions from this topic comes in ACCA F8 exams
( please mention the year if you know some )
and going concern issue
is it part of this chapter ?thanks
Yes, adjusted/non-adjusted events. That’s really the main issue.
I haven’t counted up but recent exams are available on the ACCA web-site for you to have a look at. Note we don’t know what comes up in the MCQ section. My guess is that this is regularly tested
Going concern is part of the syllabus. Full details are shown on p11, here:
yes
thank you very much tutorwhat should the audit procedure for subsequent events ?
Enquire from directors
Obtain representations from directors
Inspect board minutes
Inspect correspondence with legal advisors
Inspect after period receipts and payments and invoices
Inspect sales prices of inventory
Review early results and compare to budgetthanks for your answers
so basically is it like this we have to write the answers for subsequent events just like we write answers for substantive procedures answers ?for example :
( Obtain a schedule showing the damaged property, plant and equipment and agree the net book value to the non-current
assets register to confirm the total value of affected assets. )Yes. Subsequent events need evidence for their existence/non-existence etc. just like any other potential amount or detail in the FS.
thank you so much for your answers
as you have mentioned the procedures over hereEnquire from directors
Obtain representations from directors
Inspect board minutes
Inspect correspondence with legal advisors
Inspect after period receipts and payments and invoices
Inspect sales prices of inventory
Review early results and compare to budgetdo we have to write it in that ( substantive format to prove existence? completeness?.. or we can just put these procedures in the answer booklet ?
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