SAS No. 55 Subsequent Events     

Status

Issued by Auditing Standards Committee in Taiwan on 17 September, 2013

Summary

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

The auditor shall perform audit procedures designed to obtain sufficient appropriate audit evidence that all events occurring between the date of the financial statements and the date of the auditor’s report that require adjustment of, or disclosure in, the financial statements have been identified.

After the date of the auditor’s report but before the date the financial statements
are issued, a fact becomes known to the auditor that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report, the auditor shall discuss the matter with management, and carry out the necessary audit procedures depending on whether the financial statements need amendment.

After the financial statements have been issued, a fact becomes known to the auditor that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report, the auditor shall discuss the matter with management, and carry out the necessary audit procedures depending on whether the financial statements need amendment. If management amends the financial statements, the auditor shall provide a new or amended auditor’s report on the amended financial statements, and review the steps taken by management to ensure that anyone in receipt of the previously issued financial statements together with the auditor’s report thereon is informed of the situation. If management does not take the necessary steps to ensure that anyone in receipt of the previously issued financial statements is informed of the situation and does not amend the financial statements in circumstances where the auditor believes they need to be amended, the auditor shall take appropriate action to seek to prevent reliance on the auditor’s report.

Effective date

This Statement is effective from 15 December, 2013.

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