Statement on auditing standards - subsequent events and subsequently discovered facts.

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Statement on auditing standards - subsequent events and subsequently discovered facts.

Statement on Auditing Standards (SAS) Subsequent Events and Subsequently Discovered Facts supersedes SAS No. 1 sections 530, Dating of the Independent Auditor's Report, as amended, 560, Subsequent Events, as amended, and 561, Subsequent Discovery of Facts Existing at the Date of the Auditor's Report, as amended; and SAS No. 58, Reports on Audited Financial Statements, as amended, paragraphs .71-.73 (AICPA, Professional Standards, vol. 1, AU secs. 508.71-.73,530, 560, and 561)

CONTENTS Introduction Scope of This Statement on Auditing Standards/1 Subsequent Events and Subsequently Discovered Facts/2-3 Effective Date/4 Objectives/5-6 Definitions/7-8 Requirements Subsequent Events/9-11 Subsequently Discovered Facts That Become Known to the Auditor Before the Report Release Date/12-14 Subsequently Discovered Facts That Become Known to the Auditor After the Report Release Date/15-18 Predecessor Auditor's Reissuance of the Auditor's Report in Comparative Financial Statements/19-20 Application and Other Explanatory Material Scope of This SAS/A1 Subsequent Events/A2-A 10 Subsequently Discovered Facts That Become Known to the Auditor Before the Report Release Date/A1 l-A17 Subsequently Discovered Facts That Become Known to the Auditor After the Report Release Date/A18-A26 Predecessor Auditor's Reissuance of the Auditor's Report in Comparative Financial Statements/A27-A30 Exhibit A: Comparison of Statement on Auditing Standards Subsequent Events and Subsequently Discovered Facts With International Standard on Auditing 560, Subsequent Events/A31 INTRODUCTION

Scope of This Statement on Auditing Standards

1. This Statement on Auditing Standards (SAS) addresses the auditor's responsibilities relating to subsequent events and subsequently discovered facts in an audit of financial statements. It also addresses a predecessor auditor's responsibilities for subsequent events and subsequently discovered facts when reissuing the auditor's report on previously issued financial statements that are to be presented on a comparative basis with audited financial statements of a subsequent period. (Ref: par. A1)

Subsequent Events and Subsequently Discovered Facts

2. Financial statements may be affected by certain events that occur after the date of the financial statements. Many financial reporting frameworks specifically refer to such events. Such financial reporting frameworks ordinarily identif...

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