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Hello,
Was a but unclear about the responsibility of auditor regarding subsequent events and up to what date should auditor be concerned with events, at the signature of procedures, after the processing of final accounts for approval?
Auditors are on active alter until they sigh the audit report. The audit is still fully on and the auditors must continue to look for evidence that receivables will/won’t be paid and that inventory will sell above cost etc.
After the audit report is signed, auditors’ duties become passive ie if something happens to come to their attention relevant to the FS then they might ask the directors, even at that very late stage, to withdraw the FS and reissue a corrected version.
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