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AAS 19 - subsequent events establishes standards on auditor's responsibility regarding subsequent events. AAS 34 - Audit Evidence Additional Considerations for specific items. Purpose of this AAS is to establish standards on the auditor's responsibilities, procedures with respect to certain specific financial statement amounts and other disclosures.
AAS 19 - subsequent events establishes standards on auditor's responsibility regarding subsequent events. AAS 34 - Audit Evidence Additional Considerations for specific items. Purpose of this AAS is to establish standards on the auditor's responsibilities, procedures with respect to certain specific financial statement amounts and other disclosures.
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AAS 19 - subsequent events establishes standards on auditor's responsibility regarding subsequent events. AAS 34 - Audit Evidence Additional Considerations for specific items. Purpose of this AAS is to establish standards on the auditor's responsibilities, procedures with respect to certain specific financial statement amounts and other disclosures.
Авторское право:
Attribution Non-Commercial (BY-NC)
Доступные форматы
Скачайте в формате PPT, PDF, TXT или читайте онлайн в Scribd
“The auditor should consider the effect of subsequent
events on the financial statements and on the Auditor’s Report.” Subsequent Events
It refers to significant events occurring
between the Balance Sheet date and the date
of the Auditor’s Report.
Auditor’s Procedures Reviewing management procedures Reading minutes of meetings of shareholders, BOD held after BS date Reading entities latest available interim financial statements Inquiring or extending previous written or oral inquiries with company lawyers Inquiring with management of any subsequent events. Conclusion
When auditor is aware of subsequent events
which materially affect the financial statements, he should consider whether the effect has been accounted for in the financial statements. Effective For
All audits commencing on or after 1st
April 2000 AAS 34 - Audit Evidence - Additional Considerations for Specific Items
The purpose of this AAS is to establish
standards on the auditor's responsibilities, procedures and provide additional guidance to that contained in AAS 5, "Audit Evidence", with respect to certain specific financial statement amounts and other disclosures. Components of AAS – 34
Part A: Attendance at Physical Inventory Counting
Part B: Inquiry Regarding Litigation and Claim
Part C: Valuation and Disclosure of Long-term Investments
Part D: Segment Information
Part A: Attendance at Physical Inventory Counting Auditor must obtain sufficient appropriate audit evidence during his attendance at physical inventory counting Existence and condition Where its impracticable, consider alternative procedures to provide sufficient appropriate audit evidence Part B: Inquiry Regarding Litigation And Claims "Litigation" is a lawsuit or legal action including all proceedings therein. "Claims" is a right to payment or right to an equitable remedy for breach of performance Material effect on the financial statements Communicate with the entity's lawyers and such other professionals to whom the entity engages for litigation and claims Part C: Valuation And Disclosure Of Long Term Investments AS 13
Valuation and disclosure
Ownership and existence
Part D: Segment Information
Information to be disclosed in respect of reportable
segments as given in Accounting Standard (AS)17, Segment Reporting
When it is material to the financial statements, he should
obtain sufficient appropriate audit evidence regarding its disclosure Effective For