Subsequent discoveries of facts requiring the reissuance of financial statements arise from events occurring after the date of the auditor's report.

Question

Quizplus · Accepted Answer

Subsequent discoveries of facts requiring the reissuance of financial statements refer to the discovery of information that was not known at the time the financial statements were issued and the auditor's report was originally released, not necessarily from events occurring after the date of the auditor's report. These discoveries could relate to events that occurred before or at the date of the auditor's report but were not known or considered at that time.

Subsequent Discoveries of Facts Requiring the Reissuance of Financial Statements