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AS 2801: Subsequent Events Sumary tuble ot contreti 16 Aodmen Procedarm in fe lathenamefriod sutreaient evern" 1. Sav of a send or cabital tisck ittue. a Pachuse of a buthess d. Lans of siart of invenorm as a irsult of fer or food. .05 The second type consists of thase events that peovide evidence with respect to oanditions that did not exist at the date of the balance sheet beng reponted on but arose subsequent to that daie. These events shodid not result in adjustment of the financial statemerts. 1 some of these events, however, may be of such a nature that disclosure of them is sequied to leep the financial statements trom being misleating. Occasionally such an event mry be so signficart that disclosure can best be made by supplementing the historical financial statements aith pro forma financial data giving eflect to the event as if it had occurred on the date of the balance sheet, Im may be desirable to gresent pro forma statements, usualy a balance sheet coly. in columnar form on the face of the hisworical statements. .06 Examples of events of the second type that require disclosure to the financial statements (but should not result in adjustment) are: a. Sale of a bond or cagital stock issue. D. Purchase of a busisess c. Settement of itigation when the event giving rise to the ciaim took place subsequent to the balance-sheet date. d. Loss of plam or imentonies as a resul of fite or flood. e. Losses on receivabies resulting from conditions (such as a customer's major casualty) arising subsequent to the balance-sheet date. 07 Subsequent events affecting the realzation of assets such ss receivalies and inventories or the setiement of esdimased labiltes ordinarly wil require adjustment of the financial stabements (see paragraph o3) because sich events typicilly represent the culmination of condaions that existed over a relatively long period of time. Subsequent events such as changes in the quoted market prices of securnies ordinarily should not result in adustment of the financial statemerks (see pavagraph .05) because such changes typically refiect a concurrent evaluation of new condichs. .06 When financial staaments are ressued, for exarple, in reports filed with the Secuities and Exchange Corrmission or other reguatory agencies, events that require cisclosure in the reissued lnancial statements to keep them lrom being misleading may have occurred subseguent to the crignal issuance of the financial statements. Events occurning between the time of original issuance and reissuance of financial statements should not fesuit in adjustment of the financial stanements 2 unless the adjustment meets the criveria for the codection of an enor of the criteria lor price period adjustments set lorth in Opinions of the Accounting Principles Bourd, * Similarly, financial stasemeots reissued in comparatbe form with financial statemerhs of subsequeri periods should not be adurted for everts occurring subsequert to the orioinal issuance uniess the adjustment meets the citeria stated above. 09 Cocasionaly, a subsequem event of the second type has such a manerial impact on the entity that the auditor may wish to include in his report an emphasis paragraph directing the reader's attention to the event and its ettects. (See paragraph 19 of AS 3102 . The Auditor's Regort on an Audit of Financial Statements When the Author Expresses an Unguakfied Opinion) Auditing Procedures in the Subsequent Period 10 There is a penod ater the balance-sheet date with which the audhor must be concemed in completing warious phases of his audit. This period is known as the "sulbequent period" and is consibered to extend to the dave of the auditors report. its duration will depend spon the practical requirements of each audi and may vary from a relatively short penod to one of several morths. Also, all auditing procedures are not carried out at the same tirne and some phases of an audi will be performed during the subsequert penod, whereas other phases wit be substantialy completed on or betore the balmce-sheet date. As an audit appeoaches oampletion, the auditor will be concertrating on the urcesolved auditing and reporting matters and he is not expected to be conducting a continuing reviev of those matters to which he has previously appled auding procedures and reached satistaction. 11 Certain specific procedures are applied to transactions occurring after the balance-sheet date such as (a) the examination of data to assure that proper cutolfs have been made and (b) the examination of data which provide information to aid the auditor in his evaluation of the assets and liabilities as of the balance-sheet date. 12 In addition, the independent auditor should perform other auditing procedures with respect to the period after the balance-sheet date for the purpose of ascertaining the occurrence of subsequent events that may require adjustment or disclosure essential to a fair presentation of the financial statemens in conformity with generally accepted accounting principles. These procedures should be performed at or near the date of the auditor's report. The auditor generally should: a. Read the latest available interim financial statements; compare them with the financial statements being reported upon; and make any other comparisons considered appropriate in the circumstances. In order to make these procedures as meaningtul as possible for the purpose expressed above, the auditor should inquire of officers and other executives having responsibility for financial and accounting matters as to whether the interim statements have been prepared on the same basis as that used for the statements under audit. b. Inquire of and discuss with officers and other executives having responsibility for financial and accounting matters (limited where appropriate to major locations) as to: (i) Whether any substantial contingent liabilities or commitments existed at the date of the balance sheet being reported on or at the date of inquiry. (ii) Whether there was any significant change in the capital stock, long-term debt, or working capital to the date of inquiry. (iii) The current status of items, in the financial statements being reported on, that were accounted for on the basis of tentative, preliminary, or inconclusive data. (iv) Whether any unusual adjustments had been made during the period from the baiance-sheet date to the date of inquiry. (v) Whether there have been any changes in the company's related parties. (vi) Whether there have been any significant new related party transactions. (vii) Whether the company has entered into any significant unusual transactions. c. Read the available minutes of meetings of stockholders, directors, and appropriate committees; as to meetings for which minutes are not available, inquire about manters dealt with at such meetings. d. Inquire of client's legal counsel concerning litigation, claims, and assessments. (See AS 2505, Inquiry of a Client's Lawyer Concerning Litigation, Claims, and Assessments.) e. Obtain a letter of representations, dated as of the date of the auditor's report, from appropriate officials, generally the chief executive officer, chiet financial officer, or others with equivalent positions in the entiy, as to whether any events occurred subsequent to the date of the financial statements being reported on by the independent audinor that in the officers opinion would require adjustment or disclosure in these statements. The auditor may elect to have the client include representations as to signiticant matters disclosed to the auditor in his performance of the procedures in subparagraphs (a) to (d) above and ( f) below. (See AS 2805, Management Representations.) f. Make such additional inquiries or perform such procedures as he considers necessary and appropriate to dispose of questions that arise in carrying out the foregoing procedures, inquiries, and discursions. 1. What is the difference between Type 1 and Type 2 subsequent events? 2. What is the auditing standard for subsequent eventis by PCAOB? 3. What are auditiors' responsibilities for subsequent events