help audit sample needed

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:28AM in AAT student discussion
help<BR><BR>i need another sample for my audit example of post balance sheet events just a small paragraph would help<BR><BR>caz

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    help audit sample needed

    Hi,<BR><BR>By this I suppose you mean an example on the link between Post Balance Sheet events and the Auditor's role.<BR><BR>Example: <BR><BR>- External audit is carried out on Financial Statement to end of year 31 December 2004.<BR><BR>- Annual General Meeting (AGM) due on 30 June 2005.<BR><BR>- Auditor's report due to Directors on 25th May 2005.<BR><BR>- Fire at major warehouse of client on 20th March 2005 - £1.25m stock lost!<BR><BR>Question: <BR><BR>a. Do the Auditors have to adjust for the lost items in the Financial Statements now or;<BR><BR>b. Report in notes to the Finanacial Statement now or;<BR><BR>c. Ignore completely as fire occured Post Balance Sheet date - 31 December 2004?<BR><BR>What do you think?<BR><BR>Goldsmith IBS. <BR>

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