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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 identify two types of events:
(a) Those that provide evidence of conditions that existed at the date of the financial statements; and
(b) Those that provide evidence of conditions that arose after the date of the financial statements.
ISA 700 explains that the date of the auditor’s report informs the reader that the auditor has considered the effect of events and transactions of which the auditor becomes aware and that occurred up to that date.
After the financial statements have been issued, the auditor has no obligation to perform any audit procedures regarding such financial statements. However, if, after the financial statements have been issued, a fact becomes known to the auditor that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report, the auditor shall:
(a) Discuss the matter with management and, where appropriate, those charged with governance;
(b) Determine whether the financial statements need amendment; and, if so,
(c) Inquire how management intends to address the matter in the financial statements.
The auditor has no obligation to perform any audit procedures after the financial statements have been issued. However, if he becomes aware of a fact that, had it been known to him at the date of his report, may have caused him to amend his report then he is required to:
1.discuss the matter with. Management
2.determine whether the financial statements need amending, and
3.enquire how management intend to address the matter in the financial statements.
If the financial statements are amended, the auditor is required to:
1.Carry out the necessary audit procedures on the amendment
2. Review the steps taken by management to inform anyone who received the original financial statements and audit report of the situation
3.extend his review of subsequent events up to the date of the new audit report
4.issue a new audit report, containing an emphasis of matter paragraph or other matter paragraph. This should refer to a note in the revised financial statements tha explains in more detail the reason for the reissue of the financial statements.
