https://www.facebook.com/mypolyaudit/videos/138794940649702/ AUDIT COMPLETION ~final analytical procedures ~review of subsequent events and loss contingencies ~examining related party disclosures ~review of going concern issue ~Evaluation of financial statement presentation and disclosures 1) Final evidential evaluation processes a) performance of final analytical procedures b)identifying subsequent events c)review for loss contingencies d)examining related party disclosures e)review of going concern issue f)Evaluation of financial statement presentation and disclosures EXAMPLE OF TYPE OF LITIGATION -breach of contract -patent infringement -product liability -violation of law and legislation including ~securities laws ~company laws ~income tax regulation ~environmental laws RELATED PARTY DISCLOSURE -purchases or sales of goods (including raw materials and unfinished goods) -purchases or sales of property and other capital assets -rendering and receivin

"Go Confidently in the direction of your dream live the life you've imagined" What's up guys, We're from Group 5! An audit refers to the systematic and intelligent examination of the books of accounts of an entity to check whether they present true and fair view or not. A review refers to an evaluation of the financial books, conducted by the auditor, to determine if there are any chances of modifications or not. For more information, do watch the video below: Refer to slide for more information and knowledge; Press Ctrl-c to copy bit.ly /JOMBACAchapter5 bit.ly /JOMBACAchapter5 Question: Group 1- Identify the suitable procedures to handle subsequent event. Group 2- Define the subsequent event and after balance sheet event. Group 3- Give an effect of subsequent event on the financial statement. Group 4- Differrentiate between the subsequent event and after balance sheet event. Gro

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DREAMKILLERS Audit review 

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 . 1 Define Subsequent Event   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. Define After Balance Sheet Event Events after  the  balance sheet  date are significant financial  events  that occur  after  the date of the  balance sheet , but prior to the date that the financial statements are issued. 5 . 1 . 2 Differentiate between subsequent event and after balance sheet event  5.1.3 Examples of subsequent event and after balance sheet event 5.1.4 Situations of subsequent event and after balance sheet event 5.1.5 Effects of subsequent event  5.1.6  Suitable Procedures   5.2.1 5.2.2 5.2.3 5.2.3 5.2.4

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 FI

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