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ASA 560 - Subsequent Events - April 2006
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ASA 560 - Subsequent Events - April 2006
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Turn the raw legal text into a practical explanation grounded in ASA 560 - Subsequent Events - April 2006.
Facts Discovered After the Date of the Auditor’s Report but Before the Date the Financial Report is Issued
13 The auditor does not have any responsibility to perform procedures or make any enquiry regarding the financial report after the date of the auditor’s report. During the period from the date of the auditor’s report to the date the financial report is issued, the responsibility to inform the auditor of facts which may affect the financial report rests with management and those charged with governance.
14 When, after the date of the auditor’s report but before the date the financial report is issued, the auditor becomes aware of a fact which may materially affect the financial report, the auditor shall consider whether the financial report needs amendment, shall discuss the matter with management and those charged with governance, and shall take the action appropriate in the circumstances.
15 When the financial report is amended, the auditor shall carry out the audit procedures necessary in the circumstances and shall provide management and those charged with governance with a new report on the amended financial report.
16 Under ASA 700 The Auditor’s Report on a General Purpose Financial Report, the auditor needs to date the new auditor’s report no earlier than the date of approval of the amended financial report. In such circumstances, under paragraphs 8 and 15 of this Auditing Standard, the auditor needs to extend the audit procedures referred to in paragraph 8 to the date of the new auditor’s report.
17 When the financial report is not amended, in circumstances where the auditor believes it needs to be amended, and the auditor’s report has not been released to the entity, the auditor shall express a modified opinion, as described in ASA 701 Modifications to the Auditor’s Report.
18 When the auditor’s report has been released to the entity, the auditor shall notify those charged with governance not to issue the financial report and the auditor’s report thereon to third parties.
19 If the financial report is subsequently released, the auditor shall take action to prevent reliance on the auditor’s report.
20 The action taken will ordinarily depend on the auditor’s legal rights and obligations and the recommendations of the auditor’s lawyer.