NIA 560 Hechos posteriores
International Auditing Standards: Understanding Subsequent Events
Responsibilities of the Auditor Regarding Subsequent Events
- The International Standard on Auditing (ISA) 560 outlines the auditor's responsibilities concerning events occurring after the audit of financial statements. These events can impact financial statements beyond just evidence available at the reporting date.
- Three key moments are identified for addressing significant events:
- Events up to the date of the auditor's report.
- Discoveries made after this date but before financial statements are issued, requiring potential corrections and discussions with management.
- Discoveries post-issuance of financial statements, where auditors may need to communicate findings to top management.
Objectives and Procedures for Identifying Subsequent Events
- Auditors must obtain sufficient and appropriate audit evidence regarding subsequent events from the date of financial statements to the auditor's report date, ensuring compliance with applicable financial reporting frameworks.
- It is crucial for auditors to be vigilant in identifying subsequent events that could affect financial statements, including reviewing minutes from board meetings held after the reporting date. They must respond appropriately to any discovered facts that could alter their opinion on the audit report.
Definitions Relevant to Subsequent Events
- Date of Financial Statements: This refers to when all components of financial statements have been prepared and authorized by relevant authorities within an entity. It marks the end of the last period covered by these statements.
- Date of Auditor’s Report: The point at which an auditor issues their opinion on financial statements; it must occur after approval dates for those statements have been established. This is critical as it defines when auditors' responsibilities begin concerning subsequent discoveries until issuance dates are reached.
Requirements for Audit Procedures Related to Subsequent Events
- Auditors should design and implement necessary procedures between the date of financial statements and their own report date, aimed at identifying facts needing adjustments or disclosures in those financial reports based on risk assessment considerations.
- Investigative actions may include discussions with management about any subsequent events affecting finances, reading recent budgets or cash flow projections, and gathering information related to litigation or claims pertinent for obtaining adequate audit evidence.
Handling Post-Issuance Discoveries
- If an auditor discovers facts post-financial statement issuance but prior to their release, they must ensure management informs them about any such occurrences during this interim period that might influence reported figures or necessitate modifications in disclosures before finalization occurs.
Modification of Financial Statements and Auditor Responsibilities
Addressing Modifications in Financial Statements
- When modifications to financial statements are necessary, the auditor must issue a new opinion clearly stating the reasons for these changes.
- The administration is responsible for deciding whether to proceed with the modification of financial statements based on the auditor's recommendations.
Auditor Notification Requirements
- If the auditor believes that modifications are essential but the administration opts not to act, they must notify both management and all parties involved in corporate governance.