Chapter 22 (old text book). Page 744 of the book said that subsequent event occurs up to the audit report date. But in class you said it is up to the audit report issue date. Which is right?
Both correct. The book asumes that the audit report date concised with the audit report issue date. In this case, subsequent event occurs up to the audit report date, which is the same as the audit report issue date. However, in class, I mentioned that the audit report issue date usually comes after the audit report date because it takes time for the F/S and audit report to get printed and issued to the stockholders. In that case, subsequent event occurs up to the audit report issue date. Figure 23-8, p745 of the book shows the second scenario. Chapter 3 (old text book) 1. online exercise chap 4-9 (T/F) Lucy Luff, CPA, is the partner-in-charge of the audit of Matador, Inc., a closely held corporation. Lucy’s husband’s sister is the CFO in Matador, Inc. This situation violates Rule 101 of the AICPA Code of professional Conduct. Answer key: F I think it is T, because husband’s sister can be considered close kin. 2. online exercie chap 6-2 (T/F) Does irregularity also mean fraud? 3.
Related Questions
- Chapter 22 (old text book). Page 744 of the book said that subsequent event occurs up to the audit report date. But in class you said it is up to the audit report issue date. Which is right?
- Where should I put details about edition in a reference to a chapter in an edited book - before or after the page numbers?
- How can I use the chapter and page number reference quoted in the timeline to look up an event in my copy of the book?
