Document ID: chunk:federal_register_of_legislation:F2021C01242:reg:5:p4
Version: federal_register_of_legislation:F2021C01242
Segment Type: reg
Provision Reference: reg 5 (pt 4/12)
Character Range: 15729–18843

Obtaining an understanding of any procedures management has established to ensure that subsequent events are identified.

(b)                Enquiring of management and, where appropriate, those charged with governance, as to whether any subsequent events have occurred which might affect the financial report.  (Ref: Para. A9)

(c)                Reading minutes, if any, of the meetings, of the entity's owners, management and those charged with governance, that have been held after the date of the financial report and enquiring about matters discussed at any such meetings for which minutes are not yet available.  (Ref: Para. A10)

(d)                Reading the entity's latest subsequent interim financial report, if any.

8.                   If, as a result of the procedures performed as required by paragraphs 6 and 7 of this Auditing Standard, the auditor identifies events that require adjustment of, or disclosure in, the financial report, the auditor shall determine whether each such event is appropriately reflected in that financial report in accordance with the applicable financial reporting framework.

Written Representations

9.                   The auditor shall request management and, where appropriate, those charged with governance, to provide a written representation in accordance with ASA 580[4] that all events occurring subsequent to the date of the financial report and for which the applicable financial reporting framework requires adjustment or disclosure have been adjusted or disclosed.

Facts Which Become Known to the Auditor after the Date of the Auditor's Report but before the Date the Financial Report is Issued

10.               The auditor has no obligation to perform any audit procedures regarding the financial report after the date of the auditor's report.  However, if, after the date of the auditor's report but before the date the financial report is 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: (Ref: Para. A11-A12)

(a)                Discuss the matter with management and, where appropriate, those charged with governance.

(b)                Determine whether the financial report needs amendment; and if so,

(c)                Enquire how management intends to address the matter in the financial report.

11.               If management amends the financial report, the auditor shall:

(a)                Carry out the audit procedures necessary in the circumstances on the amendment.

(b)                Unless the circumstances in paragraph 12 of this Auditing Standard apply:

(i)                 Extend the audit procedures referred to in paragraphs 6 and 7 of this Auditing Standard to the date of the new auditor's report; and

(ii)               Provide a new auditor's report on the amended financial report.  The new auditor's report shall not be dated earlier than the date of approval of the amended financial report.

12.               Where law, regulation or the financial reporting