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Hello Mr Smith,
OT mock exam Q 14
about the subsequent events
information about a major customer who ceased trading.one of the correct answers is to request the financial statements as they currently stand and auditor’s report thereon should not be issued ,
How is that? I need some explanation please.
Thanks,
If the FS have not yet been issued, it’s an adjusting event, so management should write down the receivable to recoverable amount (which may be $0).
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