Overview
In this 18-minute overview, you'll learn how the review and finalisation stage fits into the complete audit process and explore the key considerations auditors must address before issuing their opinion.
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In this lesson
- 0:00 Review and reporting overview
- 3:14 Subsequent events explained
- 6:38 Subsequent events timeline
- 9:02 Auditor duties and procedures
- 15:08 Warehouse destruction case study
About this lesson
You'll discover what subsequent events are, how to distinguish between adjusting and non-adjusting events, and why auditors have both active and passive duties to identify them. The session covers the practical procedures for reviewing events after the reporting period, including examining post-year-end management accounts, board minutes, and legal correspondence, plus how to handle situations where material events emerge after the audit report is signed. This lesson is essential for understanding the final phase of an audit engagement and directly supports your Audit and Assurance studies. You'll work through a real-world example involving inventory destroyed after year-end to see how auditors assess whether events require adjustment, disclosure, or no action in the financial statements. By the end, you'll be confident applying the subsequent events framework to exam scenarios and understanding when your responsibilities as an auditor continue beyond issuing the audit report.
Duration: 18m
Transcript
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