15 A subsequent event that occurred between the audit report

15. A subsequent event that occurred between the audit report date and the audit report issue date was reviewed and tested but was not disclosed in the financial statements. Which of the following options in dating the audit report is permitted? a. \"Dual dating\" with two audit report dates. b. One audit report date, dated at the \"new subsequent event\" date. c. Both (a) and (b) above. d. One audit report date, dated at the usual completion of fieldwork date.

Solution

Answer: c. Both (a) and (b) above.

Explanation: If subsequent event occurs between the audit report date and the issue date, auditor have two options.

1. Single Date : In this case, date of subsequent event is the audit report date.

2. Dual Dating: Use dates of audit report date and subsequent event date.