Audit review
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The document defines subsequent events and after balance sheet events. Subsequent events occur between the date of the financial statements and the auditor's report date, while after balance sheet events occur between the reporting date and the date the financial statements are authorized for issue. Adjusting subsequent events require adjustments to the financial statements, like the settlement of a court case, while non-adjusting events require disclosure only, like a decline in inventory market values. The document provides examples of adjusting and non-adjusting events and outlines procedures auditors use to identify subsequent events.
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IAS 10 2018 IAS 10 International Accounting Standard 10 Events after the Repo...Sazzad Hossain, ITP, MBA, CSCA™
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Objective
1
The objective of this Standard is to prescribe:
(a)
when an entity should adjust its financial statements for events after the reporting period; and
(b)
the disclosures that an entity should give about the date when the financial statements were
authorised for issue and about events after the reporting period.
The Standard also requires that an entity should not prepare its financial statements on a going concern
basis if events after the reporting period indicate that the going concern assumption is not appropriate.
Scope
2
This Standard shall be applied in the accounting for, and disclosure of, events after the reporting
periodAuditing chapter 08
The document discusses the auditor's responsibility to consider laws and regulations when auditing financial statements. It notes that some laws determine amounts to record in financial statements, like tax laws. The auditor must recognize that non-compliance with laws and regulations could materially affect financial statements. However, the auditor cannot detect all instances of non-compliance due to limitations. It is management's responsibility to comply with applicable laws and develop monitoring systems. The auditor relies on management representations but cannot guarantee prevention of non-compliance.
IAS 10
IAS 10 provides guidance on accounting for events that occur after the reporting period but before the financial statements are authorized for issue. It distinguishes between adjusting events, which require changes to amounts recognized in the financial statements, and non-adjusting events, which require disclosure in the notes but do not result in changes to amounts recognized. Key definitions include adjusting events arising from conditions existing at the end of the reporting period and non-adjusting events arising from conditions that did not exist until after the reporting period. Declared dividends are considered material non-adjusting events requiring disclosure in the notes.
IAS 10 Events After The Balance Sheet Date
IAS 10 prescribes the accounting treatment and disclosures required for events that occur after the balance sheet date but before financial statements are authorized for issue. It distinguishes between adjusting events that provide evidence of conditions that existed at the balance sheet date and non-adjusting events that are indicative of conditions that arose after that date. Financial statements must be adjusted for subsequent adjusting events, but not for non-adjusting events, although the latter may need to be disclosed. The standard also addresses the assessment of going concern and specifies certain additional disclosures required regarding the authorization date of the financial statements and material post-balance sheet date events or conditions.
Events after the reporting period – ias 10
This document summarizes the key aspects of IAS 10 Events After the Reporting Period. It discusses adjusting and non-adjusting events, recognition and measurement of those events, disclosure requirements including authorization date of financial statements and material non-adjusting events after the reporting period, and not preparing financial statements on a going concern basis if liquidation or cessation of business is intended after the reporting period.
IAS 10 : Events after the reporting period
This document summarizes the key points of IAS 10 Events After the Reporting Period. It discusses the definition of an authorized issue date and the two types of events - adjusting events and non-adjusting events. Adjusting events require adjustment to the financial statements if they provide evidence of conditions existing at the reporting date. Non-adjusting events do not result in adjustment but require disclosure of the nature and estimated financial effects. It also covers going concern assessment and treatment of dividends declared after the reporting period.
Chapter 4
This document defines and compares subsequent events and after balance sheet events. It discusses the differences between them, provides examples of types of each, and outlines the auditor's procedures to identify subsequent events. It also reviews audit working papers, evaluates audit results, and ensures proper disclosures and compliance. The document describes communications between the auditor and client, including engagement letters, attorney response letters, and management letters.
Vietnam Accounting Standards - VAS 23 Events after the balance sheet date
This standard provides guidance on accounting for and disclosing events that occur after the balance sheet date. It distinguishes between adjusting events and non-adjusting events. Adjusting events provide evidence of conditions that existed at the balance sheet date and require adjustment to amounts recognized in the financial statements. Non-adjusting events are indicative of conditions that arose after the balance sheet date and do not result in adjustment, but may require disclosure. The standard also specifies required disclosures regarding the date the financial statements were authorized for issue and material non-adjusting events.
Recommended
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IAS 10 2018 IAS 10 BC International Accounting Standard 10 Events after the Reporting Period
Objective
1
The objective of this Standard is to prescribe:
(a)
when an entity should adjust its financial statements for events after the reporting period; and
(b)
the disclosures that an entity should give about the date when the financial statements were
authorised for issue and about events after the reporting period.
The Standard also requires that an entity should not prepare its financial statements on a going concern
basis if events after the reporting period indicate that the going concern assumption is not appropriate.
Scope
2
This Standard shall be applied in the accounting for, and disclosure of, events after the reporting
periodAuditing chapter 08
The document discusses the auditor's responsibility to consider laws and regulations when auditing financial statements. It notes that some laws determine amounts to record in financial statements, like tax laws. The auditor must recognize that non-compliance with laws and regulations could materially affect financial statements. However, the auditor cannot detect all instances of non-compliance due to limitations. It is management's responsibility to comply with applicable laws and develop monitoring systems. The auditor relies on management representations but cannot guarantee prevention of non-compliance.
IAS 10
IAS 10 provides guidance on accounting for events that occur after the reporting period but before the financial statements are authorized for issue. It distinguishes between adjusting events, which require changes to amounts recognized in the financial statements, and non-adjusting events, which require disclosure in the notes but do not result in changes to amounts recognized. Key definitions include adjusting events arising from conditions existing at the end of the reporting period and non-adjusting events arising from conditions that did not exist until after the reporting period. Declared dividends are considered material non-adjusting events requiring disclosure in the notes.
IAS 10 Events After The Balance Sheet Date
IAS 10 prescribes the accounting treatment and disclosures required for events that occur after the balance sheet date but before financial statements are authorized for issue. It distinguishes between adjusting events that provide evidence of conditions that existed at the balance sheet date and non-adjusting events that are indicative of conditions that arose after that date. Financial statements must be adjusted for subsequent adjusting events, but not for non-adjusting events, although the latter may need to be disclosed. The standard also addresses the assessment of going concern and specifies certain additional disclosures required regarding the authorization date of the financial statements and material post-balance sheet date events or conditions.
Events after the reporting period – ias 10
This document summarizes the key aspects of IAS 10 Events After the Reporting Period. It discusses adjusting and non-adjusting events, recognition and measurement of those events, disclosure requirements including authorization date of financial statements and material non-adjusting events after the reporting period, and not preparing financial statements on a going concern basis if liquidation or cessation of business is intended after the reporting period.
IAS 10 : Events after the reporting period
This document summarizes the key points of IAS 10 Events After the Reporting Period. It discusses the definition of an authorized issue date and the two types of events - adjusting events and non-adjusting events. Adjusting events require adjustment to the financial statements if they provide evidence of conditions existing at the reporting date. Non-adjusting events do not result in adjustment but require disclosure of the nature and estimated financial effects. It also covers going concern assessment and treatment of dividends declared after the reporting period.
Chapter 4
This document defines and compares subsequent events and after balance sheet events. It discusses the differences between them, provides examples of types of each, and outlines the auditor's procedures to identify subsequent events. It also reviews audit working papers, evaluates audit results, and ensures proper disclosures and compliance. The document describes communications between the auditor and client, including engagement letters, attorney response letters, and management letters.
Vietnam Accounting Standards - VAS 23 Events after the balance sheet date
This standard provides guidance on accounting for and disclosing events that occur after the balance sheet date. It distinguishes between adjusting events and non-adjusting events. Adjusting events provide evidence of conditions that existed at the balance sheet date and require adjustment to amounts recognized in the financial statements. Non-adjusting events are indicative of conditions that arose after the balance sheet date and do not result in adjustment, but may require disclosure. The standard also specifies required disclosures regarding the date the financial statements were authorized for issue and material non-adjusting events.
Events aftre reporting period Ind As- 10
This document discusses accounting for events after the reporting period according to Ind AS 10. It defines adjusting and non-adjusting events and how they should be treated. Adjusting events provide evidence of conditions that existed at the end of the reporting period and require adjustment to amounts recognized in financial statements. Non-adjusting events indicate conditions that arose after the reporting period and do not result in adjustment, but require disclosure if important to users. The document provides examples to illustrate accounting for adjusting versus non-adjusting events.
Ias 10
This document provides an overview of IAS 10, which addresses the accounting for events after the reporting period. It defines adjusting and non-adjusting events and how they are treated. Adjusting events provide evidence of conditions that existed at the reporting date and require adjustment to amounts recognized. Non-adjusting material events after the reporting period require disclosure only. The standard also addresses dividends declared after the period and the required disclosures regarding the date of authorization for issue and nature and estimate of financial effects of subsequent events.
IAS 10
This document defines and provides examples of adjusting and non-adjusting events that occur after the reporting period in preparing financial statements. Adjusting events provide evidence of conditions that existed at the reporting date and result in changes to figures recognized in the financial statements. Non-adjusting events provide evidence of conditions that did not exist at the reporting date and do not affect financial statement figures, but must be disclosed if material. The date of authorization for issuing the financial statements must also be disclosed.
As 4
This document summarizes accounting standards for contingencies and events occurring after the balance sheet date. It discusses that contingencies are uncertain future outcomes that may result in gains or losses. Contingent losses should be accounted for if the loss is probable and reasonably estimable. Contingent gains are not recognized. Events after the balance sheet date are adjusted for if they provide evidence of conditions existing at the balance sheet date. Otherwise, significant events are disclosed. The document outlines principles for accounting treatment of contingencies, determining amounts, and disclosure requirements.
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The document discusses key aspects of IND AS 20 regarding accounting for government grants and disclosure of government assistance. It states that government grants shall not be recognized until there is reasonable assurance of compliance with attached conditions and receipt of the grant. Grants related to assets are recognized as deferred income and amortized to profit or loss over the useful life of the asset. Grants related to income are recognized in profit or loss in the periods in which the related expenses are incurred.
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The document discusses key aspects of notes to financial statements according to Philippine Accounting Standards. It explains that notes provide additional narrative descriptions and disclosures to supplement the information in the main financial statements. The notes must be presented systematically and disclose important accounting policies, judgments, estimates, related party transactions, and post-reporting events. The document also provides examples of required note disclosures and the accounting treatment for different types of events and transactions.
IND AS 10 - Events after the Reporting Period
This document provides an overview of Indian Accounting Standard 10 (Ind AS 10) which deals with events after the reporting period. It defines key terms and outlines the accounting treatment and disclosure requirements for adjusting and non-adjusting events that occur after an entity's reporting period but before its financial statements are authorized for issue. The standard requires an entity to adjust amounts recognized in its financial statements for adjusting events and provide updated disclosures for certain non-adjusting events. It also addresses the assessment of an entity's ability to continue as a going concern if events after the reporting period indicate otherwise.
financial accounting
This document provides summaries of IAS 10 and IFRS 8. For IAS 10, it defines adjusting and non-adjusting events, and the disclosure requirements for material non-adjusting events after the reporting period. For IFRS 8, it defines operating segments and reportable segments, and the disclosure requirements including factors used to identify segments and financial information required to be reported for each reportable segment. An example is also provided to illustrate how to determine reportable segments.
As 4
This document discusses Accounting Standard 4 regarding contingencies and events occurring after the balance sheet date. It defines contingencies as uncertain future events whose outcomes may result in gain or loss. Estimates are required to account for contingencies in financial statements. Events occurring after the balance sheet date but before financial statements are approved that provide additional evidence of conditions at the balance sheet date may require adjustment to accounts. Certain contingencies like insurance liabilities are excluded from the standard's scope. The standard provides guidelines on accounting treatment and disclosure of contingencies and post-balance sheet events.
As 4
Accounting Standard 4 deals with contingencies and events occurring after the balance sheet date. It defines contingencies as uncertain future events whose outcomes are unknown at the balance sheet date. Estimates are required to account for contingencies in financial statements. Events after the balance sheet date refer to significant events between the balance sheet date and approval of financial statements. Adjusting events require adjustment to amounts in the financial statements, while non-adjusting events require disclosure in notes only.
multiple-choice questions a. Which of the following does the Fina.pdf
multiple-choice questions:
a. Which of the following does the Financial Accounting Standards Board not issue?
1. SOPs
2. SFASs
3. Interpretations
4. Technical bulletins
5. SFACs
b. According to SFAC No. 6, assets can be defined by which of the following?
1. Probable future sacrifices of economic benefits arising from present obligations of a particular
entity to transfer assets or provide services to other entities in the future as a result of past
transactions or events
2. Probable future economic benefits obtained or controlled by a particular entity as a result of
past transactions or events
3. Residual interest on the assets of an entity that remains after deducting its liabilities
4. Increases in equity of a particular business enterprise resulting from transfers to the enterprise
from other entities of something of value to obtain or increase ownership interests (or
equity) in it
5. Decrease in equity of a particular business enterprise resulting from transferring assets,
rendering
services, or incurring liabilities by the enterprise
c. According to SFAC No. 6, expenses can be defined by which of the following?
1. Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a
combination
of both) from delivering or producing goods, rendering services, or other activities
that constitute the entity’s ongoing major or central operations
2. Outflows or other consumption or using up of assets or incurrences of liabilities (or a
combination
of both) from delivering or producing goods, rendering services, or carrying out other
activities that constitute the entity’s ongoing major or central operations
3. Increases in equity (net assets) from peripheral or incidental transactions of an entity and
from all other transactions and other events and circumstances affecting the entity during a
period, except those that result from revenues or investments
4. Decreases in equity (net assets) from peripheral or incidental transactions of an entity and
from all other transactions and other events and circumstances affecting the entity during a
period, except those that result from expenses or distributions to owners
5. Probable future economic benefits obtained or controlled by a particular entity as a result of
past transactions or events.
d. SFAC No. 5 indicates that an item, to be recognized, should meet four criteria, subject to the
costbenefit
constraint and the materiality threshold.Which of the following is not one of the four criteria?
1. The item fits one of the definitions of the elements.
2. The item has a relevant attribute measurable with sufficient reliability.
3. The information related to the item is relevant.
4. The information related to the item is reliable.
5. The item has comparability, including consistency.
e. SFAC No. 5 identifies five different measurement attributes currently used in practice. Which
of the following is not one of the measurement attributes currently used in practice?
1. Historical .
ACCOUNTING STANDARDS(Revised) IN SHORT
Accounting standards are written policy documents issued by expert accounting bodies that provide guidance on recognition, measurement, treatment, presentation and disclosure of accounting transactions in financial statements. They apply to both corporate and non-corporate entities depending on their size. Key standards include those related to cash flow statements, inventories, revenue recognition, property plant and equipment, foreign exchange rates, and government grants. Disclosures are required regarding accounting policies, changes in estimates, extraordinary and prior period items.
Exchange prospective on listing regulation
This document discusses the key implications of the Listing Agreement transitioning to Listing Regulations as the governing framework for listed entities in India. It outlines the new electronic filing requirements, regulation-specific monitoring and compliance timelines that exchanges will follow. Non-compliance will now attract statutory penalties under the SEBI Act instead of just exchange-level penalties. Overall, the transition formalizes obligations and allows for stricter enforcement against non-compliant listed companies.
Exchange prospective on listing regulation by avinash karkar
This document discusses the key duties and obligations of stock exchanges in monitoring listed companies' compliance with SEBI's new Listing Regulations, which come into effect in December 2015. It outlines various disclosure requirements that exchanges will monitor, including timely submission of financial results, shareholding patterns, and material event disclosures. Exchanges will seek clarification from companies in cases of non-compliance or inaccurate/inadequate disclosures and report issues to SEBI. The new regulations mandate electronic filing of all disclosures through exchange platforms for improved monitoring.
Accounting Standard 4
This document summarizes Accounting Standard 4 regarding contingencies and events occurring after the balance sheet date. It outlines that AS-4 does not apply to certain insurance and retirement obligations or long-term lease commitments. It defines contingencies as uncertain future events whose outcomes depend on circumstances. Contingent losses should be provided for if likely, and disclosed if evidence is insufficient for estimation but not remote. Events after the balance sheet date are adjusted for if they provide evidence of prior conditions, and disclosed if they materially affect financial position.
Credit Monitoring
This document discusses the importance of credit monitoring and outlines the key aspects that should be monitored. It defines credit monitoring as tracking the performance of financing facilities from disbursement to repayment. Effective post-sanction monitoring is essential to evaluate asset performance and health over the loan tenure. Key areas that should be monitored include internal and external factors that could impact repayment, utilization of loans, account conduct, financial covenants, and security coverage. Timely identification of issues through monitoring can help prevent delinquency and write-offs.
Psa 570-redrafted
Rodel S. Navarro; Business and Management Consultant and Director; RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS); Tel / Mobile: +63-0917-7333563; Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS; (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com; https://www.slideshare.net/FREEPDFBOOKSPH; freepdfbooksph@gmail.com; www.slideshare.net/IFRS_IAS_COMPILED; ifrs.ias.compiled@gmail.com; https://www.slideshare.net/PH_STANDARDSONAUDITING_COMPILED Email: psauditing.compiled@gmail.com; http://www.youtube.com (copy&search) RSNBCS_MBA_COURSES_PREPARATION; Email: rsnbcs.mba.courses.prep@gmail.com
A031 2010-iaasb-handbook-isa-570
Rodel S. Navarro; Business and Management Consultant and Director; RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS); Tel / Mobile: +63-0917-7333563; Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS; (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com; https://www.slideshare.net/FREEPDFBOOKSPH; freepdfbooksph@gmail.com; www.slideshare.net/IFRS_IAS_COMPILED; ifrs.ias.compiled@gmail.com; https://www.slideshare.net/PH_STANDARDSONAUDITING_COMPILED Email: psauditing.compiled@gmail.com; http://www.youtube.com (copy&search) RSNBCS_MBA_COURSES_PREPARATION; Email: rsnbcs.mba.courses.prep@gmail.com
12. audit completion
The completion stage of an audit involves final steps before issuing an audit report. It includes reviewing post-balance sheet events and the financial statements, obtaining a management representation letter, sending a letter to management, noting items to follow up on in the next audit, and preparing a summary of any unadjusted errors. The auditor seeks to identify any necessary adjustments to the financial statements, ensure compliance with standards and regulations, and communicate areas for improvement to management.
Financial Reporting Challenges and Implications from Covid-19.pdf
The COVID-19 pandemic has presented many challenges and uncertainties for organizations' financial reporting. It may impact areas like asset impairment, revenue recognition, penalties from cancelled contracts, and debt restructuring as businesses face declines in cash flows and operations. Proper impairment testing of inventory, goodwill and other assets is needed. Revenue patterns may change as some industries face returns and refunds. Debt modifications could impact liability measurement. Going concern assessments must consider post-reporting date events. Financial statement preparers must carefully evaluate all these implications.
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multiple-choice questions a. Which of the following does the Fina.pdf
multiple-choice questions:
a. Which of the following does the Financial Accounting Standards Board not issue?
1. SOPs
2. SFASs
3. Interpretations
4. Technical bulletins
5. SFACs
b. According to SFAC No. 6, assets can be defined by which of the following?
1. Probable future sacrifices of economic benefits arising from present obligations of a particular
entity to transfer assets or provide services to other entities in the future as a result of past
transactions or events
2. Probable future economic benefits obtained or controlled by a particular entity as a result of
past transactions or events
3. Residual interest on the assets of an entity that remains after deducting its liabilities
4. Increases in equity of a particular business enterprise resulting from transfers to the enterprise
from other entities of something of value to obtain or increase ownership interests (or
equity) in it
5. Decrease in equity of a particular business enterprise resulting from transferring assets,
rendering
services, or incurring liabilities by the enterprise
c. According to SFAC No. 6, expenses can be defined by which of the following?
1. Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a
combination
of both) from delivering or producing goods, rendering services, or other activities
that constitute the entity’s ongoing major or central operations
2. Outflows or other consumption or using up of assets or incurrences of liabilities (or a
combination
of both) from delivering or producing goods, rendering services, or carrying out other
activities that constitute the entity’s ongoing major or central operations
3. Increases in equity (net assets) from peripheral or incidental transactions of an entity and
from all other transactions and other events and circumstances affecting the entity during a
period, except those that result from revenues or investments
4. Decreases in equity (net assets) from peripheral or incidental transactions of an entity and
from all other transactions and other events and circumstances affecting the entity during a
period, except those that result from expenses or distributions to owners
5. Probable future economic benefits obtained or controlled by a particular entity as a result of
past transactions or events.
d. SFAC No. 5 indicates that an item, to be recognized, should meet four criteria, subject to the
costbenefit
constraint and the materiality threshold.Which of the following is not one of the four criteria?
1. The item fits one of the definitions of the elements.
2. The item has a relevant attribute measurable with sufficient reliability.
3. The information related to the item is relevant.
4. The information related to the item is reliable.
5. The item has comparability, including consistency.
e. SFAC No. 5 identifies five different measurement attributes currently used in practice. Which
of the following is not one of the measurement attributes currently used in practice?
1. Historical .
ACCOUNTING STANDARDS(Revised) IN SHORT
Accounting standards are written policy documents issued by expert accounting bodies that provide guidance on recognition, measurement, treatment, presentation and disclosure of accounting transactions in financial statements. They apply to both corporate and non-corporate entities depending on their size. Key standards include those related to cash flow statements, inventories, revenue recognition, property plant and equipment, foreign exchange rates, and government grants. Disclosures are required regarding accounting policies, changes in estimates, extraordinary and prior period items.
Exchange prospective on listing regulation
This document discusses the key implications of the Listing Agreement transitioning to Listing Regulations as the governing framework for listed entities in India. It outlines the new electronic filing requirements, regulation-specific monitoring and compliance timelines that exchanges will follow. Non-compliance will now attract statutory penalties under the SEBI Act instead of just exchange-level penalties. Overall, the transition formalizes obligations and allows for stricter enforcement against non-compliant listed companies.
Exchange prospective on listing regulation by avinash karkar
This document discusses the key duties and obligations of stock exchanges in monitoring listed companies' compliance with SEBI's new Listing Regulations, which come into effect in December 2015. It outlines various disclosure requirements that exchanges will monitor, including timely submission of financial results, shareholding patterns, and material event disclosures. Exchanges will seek clarification from companies in cases of non-compliance or inaccurate/inadequate disclosures and report issues to SEBI. The new regulations mandate electronic filing of all disclosures through exchange platforms for improved monitoring.
Accounting Standard 4
This document summarizes Accounting Standard 4 regarding contingencies and events occurring after the balance sheet date. It outlines that AS-4 does not apply to certain insurance and retirement obligations or long-term lease commitments. It defines contingencies as uncertain future events whose outcomes depend on circumstances. Contingent losses should be provided for if likely, and disclosed if evidence is insufficient for estimation but not remote. Events after the balance sheet date are adjusted for if they provide evidence of prior conditions, and disclosed if they materially affect financial position.
Credit Monitoring
This document discusses the importance of credit monitoring and outlines the key aspects that should be monitored. It defines credit monitoring as tracking the performance of financing facilities from disbursement to repayment. Effective post-sanction monitoring is essential to evaluate asset performance and health over the loan tenure. Key areas that should be monitored include internal and external factors that could impact repayment, utilization of loans, account conduct, financial covenants, and security coverage. Timely identification of issues through monitoring can help prevent delinquency and write-offs.
Psa 570-redrafted
Rodel S. Navarro; Business and Management Consultant and Director; RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS); Tel / Mobile: +63-0917-7333563; Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS; (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com; https://www.slideshare.net/FREEPDFBOOKSPH; freepdfbooksph@gmail.com; www.slideshare.net/IFRS_IAS_COMPILED; ifrs.ias.compiled@gmail.com; https://www.slideshare.net/PH_STANDARDSONAUDITING_COMPILED Email: psauditing.compiled@gmail.com; http://www.youtube.com (copy&search) RSNBCS_MBA_COURSES_PREPARATION; Email: rsnbcs.mba.courses.prep@gmail.com
A031 2010-iaasb-handbook-isa-570
Rodel S. Navarro; Business and Management Consultant and Director; RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS); Tel / Mobile: +63-0917-7333563; Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS; (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com; https://www.slideshare.net/FREEPDFBOOKSPH; freepdfbooksph@gmail.com; www.slideshare.net/IFRS_IAS_COMPILED; ifrs.ias.compiled@gmail.com; https://www.slideshare.net/PH_STANDARDSONAUDITING_COMPILED Email: psauditing.compiled@gmail.com; http://www.youtube.com (copy&search) RSNBCS_MBA_COURSES_PREPARATION; Email: rsnbcs.mba.courses.prep@gmail.com
12. audit completion
The completion stage of an audit involves final steps before issuing an audit report. It includes reviewing post-balance sheet events and the financial statements, obtaining a management representation letter, sending a letter to management, noting items to follow up on in the next audit, and preparing a summary of any unadjusted errors. The auditor seeks to identify any necessary adjustments to the financial statements, ensure compliance with standards and regulations, and communicate areas for improvement to management.
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【业务选择办理准则】
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二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
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[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
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3:国家专业人才认证中心颁发入库证书
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我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
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Audit review
- 1. Chapter 5: audit review PREPARED BY: TUANNURAZLINABINTiTUANISMAIL (10DAT17F1004) ANISNATASYABINTIMOHDNOOR (10DAT17F1034) NURFATINSYAZWANIEAMISSHABINTI MOHDSOAFI (10DAT17F1064) NURBUHAMIBINTIAZIZUL (10DAT17F1074)
- 2. 5.1.1 DEFINE THE SUBSEQUENT EVENT AND AFTER BALANCE SHEET EVENT Subsequent event: Event occuring between the date of the financial statement and the date of the auditor ’s report and facts that become known to the auditors after the date of the auditor’s report After balance sheet event: Favorable and unfavorable that occur between the reporting date and the date when financial report is authorized for issue
- 3. 5.1.2 Differentiate between the subsequent event and after balance sheet SUBSEQUENT EVENT FACTOR AFTER BALANCE SHEET EVENT The period after the balance sheet date during which managent of a reporting entity shall evaluate events or transactions that ay occur for potential recognition or disclosure in the financial statement. OBJECTIVES When an entity should adjust its financial statement for events after balance sheet and the disclosure that a entity should give about the date when the financial report was authorized for issue and about events after balance sheet. Event that provide evidence about conditions that id not exists at the date of te balance sheet but arose subsequet to that date TYPES Those are indicative of conditions thatarose after the reporting date (non-adjusting event after he reporting date )
- 4. 5.1.3 EXAMPLE FOR SUBSEQUENT EVENT AND AFTER BALANCE SHEET EVENT
- 5. SITUATION OF SUBSEQUENT EVENT AND AFTER BALANCE SHEET EVENT SUBSEQUENT EVENT ADJUSTING EVENT NON ADJUSTING EVENT
- 6. ADJUSTING EVENT 1. Settlement of Court Case 2. Declaration of Bankruptcy by a Customer with Outstanding Accounts Receivable Balance (Bad Debts Written Off) 3. Sale of Inventories 4. Disposal of Dormant Equipment 5. Sales of Investments at a Price Below Recorded Cost 6. Determination of Bonus Payment 7. Discovery of Fraud/Errors
- 7. NON ADJUSTING EVENT 1. Decline in the Market Value of Investments 2. Declaration of Dividend to Equity Holders 3. Major Business Combination 4. Announcement to Discontinue Operation 5. Major Purchases/Disposal of Assets 6. Destruction of a Major Production Plant due to Natural Disaster 7. Announcing/Commencing of a Major Restructuring 8. Major Ordinary Share Transactions 9. Large Change In Asset Prices or Forex 10.Changes In Tax Rates 11.Entering Into Significant Commitments or Contingent Liabilities 12.Commencing Major Litigation 13.Issuance of Bonds/Securities 14.Decline in the Market Value of Inventory
- 8. EFFECT OF SUBSEQUENT EVENT ON THE FINANCIAL STATEMENT • However,events or transactions sometimes occur subsequents to the balances-sheet date, but prior to the issuance of the financial statement ,that have a material effect on the financial statement and therefore require adjustment or disclosure in the statement
- 9. PROCEDURES TO HANDLE SUBSEQUENT EVENT 1. Obtaining and understanding of the procedure that management has established to ensure that the subsequent event are identified. 2. Read minutes of the meetings of the shareholders, Board of Directors and audit executive committees held after the year end. 3. Inquires about matters discussed at meeting for which minutes are yet to be available. 4. Peruse the latest available interim financial statements, budgets, cash flow forecast and related management reports. 5. Inquire from the company’s lawyer concerning litigation and claims that arise. 6. Inquire the management for any subsequent event occurred which might affects the financial statement.