Transcription of Subsequent Events - AICPA
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Subsequent Events - AICPA
Subsequent Events2269AU Section 560 Subsequent EventsSource: SAS No. 1, section 560; SAS No. 12; SAS No. 98; SAS No. date, unless otherwise indicated: November, independent auditor's report ordinarily is issued in connection withhistorical financial statements that purport to present financial position at astated date and results of operations and cash flows for a period ended onthat date. However, Events or transactions sometimes occur Subsequent to thebalance-sheet date, but prior to the issuance of the financial statements, thathave a material effect on the financial statements and therefore require ad-justment or disclosure in the statements. These occurrences hereinafter arereferred to as " Subsequent Events ." [As amended, effective September 2002, byStatement on Auditing Standards No. 98.].02 Two types of Subsequent Events require consideration by managementand evaluation by the independent first type consists of those Events that provide additional evidencewith respect to conditions that existed at the date of the balance sheet andaffect the estimates inherent in the process of preparing financial information that becomes available prior to the issuance of the financialstatements should be used by management in its evaluation of the conditionson which the estimates were based.
whether the interim statements have been prepared on the same basis as that used for the statements under audit. b. ... reported on, that were accounted for on the basis of tentative, preliminary, or inconclusive data. (iv) Whether any unusual adjustments had been made during the
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