The subsequent period in an audit is the time extending from the balance sheet date to the

Question:

The subsequent period in an audit is the time extending from the date to the date of the auditors’ report. Discuss the importance of the subsequent period in the audit of trade accounts payable.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...