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Sir i am on the above mentioned topic area and will like some further clarification on the following:
I know that a subsequent event is an event between the reporting period and the date the financial statements are approved to be issued.
Can you please say if the date the F.S is approved to be issued is the same as the date of the auditor’s report.The auditor has an active duty to look for subsequent events between period end and the date the audit report is signed. Between the date of signing the audit report and the directors approving the FS the auditor has a passive duty ie if anything relevant comes to their notice they should act, even at that late stage. Their previously signed audit report might now we wrong and either they will want to alter that or perhaps have the FS amended.
In both cases, the auditors should ask for adjusting events to be adjusted in the FS. After all, that simply makes theFS truer and fairer.
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