Subsequent events
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Subsequent events
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Subsequent events
The objective of the auditor is to obtain sufficient, relevant and reliable audit evidence about whether events occurring after the end of the reporting period and up until the date of the auditor's report are appropriately disclosed.
Compliance audit
Examination
Ref: 46.800
Definitions
Subsequent events in compliance audit
Subsequent events in relation to compliance audits are events, both favourable and unfavourable, that occur
between the end of the reporting period and the date of the
auditor's report
. As such, subsequent events may occur in relation to compliance audits concerning the
legality and regularity
of the
underlying transactions
.
Instructions
Audit procedures
The auditor should perform audit procedures to determine if any events have occurred between the end of the reporting period and up until the date of the auditor's report that may result in material deviations and therefore require disclosure. However, the auditor is not expected to conduct a continuing review of all matters where audit procedures have already provided satisfactory conclusions.
The audit procedures are performed as near as practicable to the date of the auditor’s report, and take into account the auditor’s
risk assessment
. While dependent on the time that has elapsed since the last audit mission, such audit procedures typically include:
reviewing management procedures to ensure that subsequent events are identified;
reading minutes of meetings of those charged with governance held after the end of the reporting period;
enquiring of management as to whether any subsequent events have occurred which might result in
material
non-compliance.
When the auditor identifies events which may result in
material
deviations, (s)he should determine whether such events are adequately disclosed.
Related documents
Standards
ISA 560
Definitions
Subsequent events in compliance audit
Instructions
Audit procedures
Last Modified
: 28/03/2020 00:01
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