Scope of application
01. This Auditing Standard specifies and guides the responsibilities of the auditor and the firm (hereinafter referred to as “the auditor”) in relation to events that arise after the balance sheet date in the period. Auditing Process of Financial Statements (Ref: Para. A1).
Events occurring after the balance sheet date
02. The financial statements may be affected by certain events occurring after the balance sheet date. The financial reporting framework may place special emphasis on these events (for example, Vietnamese Accounting Standard No. 23 - "Events that arise after the balance sheet date" stipulates and guides the handling in the financial statements for the events that have a positive or negative effect, arising from the balance sheet date (in the accounting standards called the “closing date of the accounting period accounting ”) up to the date the financial statements are approved for issue). Financial reporting frameworks typically define the following two types of events:
(a) Events that provide evidence of events that existed at the balance sheet date;
(b) Events that provide evidence of events that occurred after the balance sheet date.
VAS 38, paragraph A700, providing guidance on the date of the auditor's report will inform users of the auditor's report that the auditor has considered the effects of the events and transactions that have occurred in the audit. The auditor knows until the time of signing the audit report.
03. The auditor and the firm must comply with the provisions and instructions of this Standard in the course of performing the audit of the financial statements.
The entity (the customer) and the parties using the results of the audit shall have the necessary understanding of the requirements and guidelines of this International Standard in order to cooperate with the auditor and the firm in the provide and process information and documents related to events occurring after the balance sheet date.
04. Objectives of auditors and auditing firms are:
(a) Obtaining sufficient appropriate audit evidence as to whether the events arising from the balance sheet date to the date of the auditor's report need to be modified or disclosed in the financial statements. be properly reflected in the financial statements in accordance with the applicable financial reporting framework;
(b) Respond appropriately with matters known to the auditor after the date of the auditor's report, which, if known at the date of the auditor's report, may be subject to the auditor's knowledge. The auditor must modify the audit report.
Guide to audit procedures for the following cases:
Events arising after the balance sheet date to the date of making the audit report
Facts that the auditor knows after the date of making the audit report but before the date of the financial statement publication.
- The facts that the auditor knows after the date of the financial statement publication.
Full text view Auditing Standard No. 560