YGENERATION - AUDIT REVIEW

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5.1.1 DEFINE THE SUBSEQUENT EVENT AND AFTER BALANCE SHEET.

A subsequent event is an event that occurs after a reporting period, but before the financial statements for that period have been issued or are available to be issued. Depending on the situation, such events may or may not require disclosure in an organization's financial statements.

5.1.2 DIFFERENTATIVE BETWEEN THE SUBSEQUENT EVENT AND AFTER BALANCE SHEET EVENT.




5.1.3 GIVE AN EXAMPLE FOR SUBSEQUENT EVENT AND AFTER BALANCE SHEET

Examples of situations that do not trigger an adjustment to the financial statements if they occur after the balance sheet date but before financial statements are issued or are available to be issued are: ... Settlement of a lawsuit where the events causing the lawsuit arose after the balance sheet date




5.1.4 IDENTIFY THE SITUATION OF SUBSEQUENT  EVENT AND AFTER BALANCE SHEET 






5.1.5  DISCUSS THE EFFECT OF SUBSEQUENT EVENT ON THE FINANCIAL STATEMENT



5.1.6  IDENTIFY THE SUITABLE PROCEDURES TO HANDLE SUBSEQUENT EVENT

 




5.2.1. DISCUSS THE FINAL STEP IN COMPLETION OF AN AUDIT





5.2.2. EXPLAIN THE USE OF THE ATTORNEY LETTER DURING THE COMPLETION OF AN AUDIT




5.2.3. DISCUSS THE AUDITORS RESPONSIBILITIES UPON COMPLETING THE AUDIT





5.2.4. SUMMARIZE THE IMPORTANT COMMUNICATIONS MADE BY AUDITORS FOLLOWING COMPLETION OF THE AUDIT AND REPORT RELEASE DATE





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