16.21 Subsequent events

PROFESSIONAL application questions 16.21 Subsequent events You are an audit assistant allocated to perform the audit of New Grange Ltd for the year ended 30 June 2009. The managing director of New Grange is interested in the audit responsibilities for identifying subsequent events. The audit partner would like you to document these responsi- bilities in a memo to the managing director of New Grange. The detailed audit work is expected to be completed by 31 August 2009. It is planned that: . the auditor's report will be signed on 15 September 2009 . the financial statements will be sent to shareholders on 30 September 2009. Required (a) In your memo, explain the auditor's responsibilities for identifying subsequent events in the following periods: . 30 June 2009 to 31 August 2009 . 1 September 2009 to 15 September 2009 . 16 September 2009 to 30 September 2009 . 1 October 2009 onwards. (b) Discuss the procedures involved in identifying subsequent events. 16.22 Subsequent events * * In connection with the audit of Macau Ltd for the year ended 30 June 2009, your audit partner became aware that certain events and transactions took place after 30 June 2009 but before the issue of her auditor's report, dated 8 August 2009. These events and transactions are detailed below. She asks you to consider whether a