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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 [link title="auditor's%20report" link="%2Faware%2FGAP%2FPages%2FCA-FA%2FReporting%2FStatement-of-Assurance.aspx" /]
. As such, subsequent events may occur in relation to compliance audits concerning the [link title="legality%20and%20regularity" link="%2Faware%2FCA%2FPages%2FConcepts%2FConcept-of-legality-and-regularity.aspx" /]
of the [link title="underlying%20transactions" link="%2Faware%2FCA%2FPages%2FConcepts%2FUnderlying-transactions.aspx" /]
.
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 [link title="risk%20assessment" link="%2Faware%2FGAP%2FPages%2FCA-FA%2FPlanning%2FAudit-risk-and-risk-assessment-procedures.aspx" /]
. While dependent on the time that has elapsed since the last audit mission, such audit procedures typically include:
When the auditor identifies events which may result in [link title="material" link="%2Faware%2FGAP%2FPages%2FCA-FA%2FPlanning%2FMateriality.aspx" /]
deviations, (s)he should determine whether such events are adequately disclosed.
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[standards]
[link new-window title="ISA%20560" link="https%3a%2f%2fwww.ifac.org%2fsystem%2ffiles%2fpublications%2ffiles%2fIAASB-2020-Handbook-Volume-1.pdf%23INTERNATIONAL%2520STANDARD%2520ON%2520AUDITING%2520560" /]
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