ASA 560 - Subsequent Events - April 2006
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Definitions
7 The following terms have the meanings attributed below:
(a) “Reporting date” means the date of the end of the latest period covered by the financial report, which is normally the date of the most recent balance sheet in the financial report subject to audit.
(b) “Date of approval of the financial report” means the date on which those with the recognised authority assert that they have prepared the entity’s complete financial report, including the related notes, and that they have taken responsibility for the financial report.
In some jurisdictions, law or regulation identifies the individuals or bodies (for example, the directors) that are responsible for concluding that a complete financial report has been prepared, and specifies the necessary approval process. In other jurisdictions, the approval process is not prescribed in law or regulation and the entity follows its own procedures in preparing and finalising its financial report in view of its management and governance structures. In some jurisdictions, final approval of the financial report by shareholders is required before the financial report is issued publicly. In these jurisdictions, final approval by shareholders is not necessary for the auditor to conclude that sufficient appropriate audit evidence has been obtained. The date of approval of the financial report for purposes of the Auditing Standards is the earlier date on which those with the recognised authority determine that a complete financial report has been prepared.
(c) “Date of the auditor’s report” means the date the auditor signs the auditor’s report on the financial report. The auditor’s report is not dated earlier than the date on which the auditor has obtained sufficient appropriate audit evidence on which to base the opinion on the financial report.[1] Sufficient appropriate audit evidence includes evidence that the entity’s complete financial report has been prepared and that those with the recognised authority have asserted that they have taken responsibility for them.
(d) “Date the financial report is issued” means the date that the auditor’s report and audited financial report are made available to third parties, which may be, in many circumstances, the date that they are filed with a regulatory authority.