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ASA 560 Subsequent Events

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Main Features 
This Auditing Standard:

  1. requires the auditor to consider the effect of subsequent events on the financial report and on the auditor’s report;
    2.  
  2. establishes mandatory requirements and provides explanatory guidance on the auditor’s responsibility regarding events occurring up to the date of the auditor’s report; 
  3. establishes mandatory requirements and provides explanatory guidance on the auditor’s responsibility regarding facts discovered after the date of the auditor’s report but before the financial report is issued; and
    4.  
  4. establishes mandatory requirements and provides explanatory guidance on the auditor’s responsibility regarding facts discovered after the financial report has been issued.
Operative Date 
This Auditing Standard is operative for financial reporting periods commencing on or after 1 July 2006. 
 
 
This excerpt is taken from ASA 560, which is available for download on the AUASB website