ISA 560 - Subsequent Events

 ISA 560 deals with the auditor’s responsibilities relating to subsequent events in an audit of financial statements.

This ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009.

The standard defines key time periods and auditor`s responsibilities regarding subsequent events, that affect the financial statements.

ISA 560 outlines three time periods:

Period 1 - Events occurring between the date of the financial statements and the date of the auditor’s report.

Period 2 - Facts which become known to the auditor after the date of the auditor’s report but before the date the financial statements are issued.

Period 3 - Facts which become known to the auditor after the financial statements have been issued.

 

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