ISA 560 Subsequent events – Effective date 15 December 2009
ISA 560 Subsequent events Requirements
ISA 560 Scope
ISA 560 deals with the auditor’s responsibilities relating to subsequent events in an audit of financial statements.
ISA 560 Objective
Under ISA 560 objective of auditor are:
- To obtain sufficient appropriate audit evidence about whether events occurring between the date of the financial statements and the date of the auditor’s report that require adjustment of, or disclosure in, the financial statements are appropriately reflected in those financial statements in accordance with the applicable financial reporting framework; and
- To respond appropriately to facts that become known to the auditor after the date of the auditor’s report, that, had they been known to the auditor at that date, may have caused the auditor to amend the auditor’s report.
ISA 560 – Definitions
Date of the financial statements – Definition
The date of the end of the latest period covered by the financial statements.
Date of approval of the financial statements –Definition
The date on which all the statements that comprise the financial statements, including the related notes, have been prepared and those with the recognized authority have asserted that they have taken responsibility for those financial statements.
Date of the auditor’s report –Definition
The date the auditor dates the report on the financial statements in accordance with ISA 700.
Date the financial statements are issued–Definition
The date that the auditor’s report and audited financial statements are made available to third parties.
Subsequent events –Definition
Events occurring between the date of the financial statements and the date of the auditor’s report, and facts that become known to the auditor after the date of the auditor’s report.