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f subsequent events on

f subsequent events on

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the effect of subsequent events on the date of auditor's report? I. If a material SE requiring adjustment to the FS occurs after the date of auditor's report but before the FS issuance, the FS should be adjusted and the auditor's report should bear the original date of report. II. If a subsequent event requiring disclosure occurs after the date of auditor's report but before the FS issuance, the auditor should consider the adequacy of the disclosure and the date of the report either as of the date of the subsequent event or dual date of the report. O l and II Oll only O lonly O Neither I nor II
Transcribed Image Text:What is the effect of subsequent events on the date of auditor's report? I. If a material SE requiring adjustment to the FS occurs after the date of auditor's report but before the FS issuance, the FS should be adjusted and the auditor's report should bear the original date of report. II. If a subsequent event requiring disclosure occurs after the date of auditor's report but before the FS issuance, the auditor should consider the adequacy of the disclosure and the date of the report either as of the date of the subsequent event or dual date of the report. O l and II Oll only O lonly O Neither I nor II
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