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Oftentimes a CPA's opinion on the fairness of the financial statements may be changed by subsequent events. Subsequent events are events that happen after the balance sheet date but before the financial statements are issued. Subsequent events are divided into two categories, those providing additional evidence about facts existing on or before the balance sheet date and those involving facts coming into existence after the balance sheet date CONCEPT REVIEW: Accounting standards divide subsequent events into two categories, those that provide more information about facts that already existed at the balance sheet date and those that involve facts after the balance sheet date Answer is complete but not entirely correct Type 1 subsequent events involve events that existed the balance sheet date 2. Type 1 subsequent events require 3.Type 2 subsequent events come into existence 4 5 on adjustment after prior to evidence of the financial statements the balance sheet date Type 2 subsequent events occur after the balance sheet date but fieldwork the completion of Type 1 subsequent events come into existence due to new becoming available