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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Negative event after FS issued
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.
Thank you for the quick response. Appreciated.
Sir, even if the event is non-adjusting?
Re-issue of FS is very rare. I can’t think of an example of a non-adjjusting event that would require this.
Ok