The auditing standards regarding subsequently discovered facts refers to knowledge obtained after
A) The date the fieldwork began.
B) The date of the auditors' report.
C) The date of the financial statements.
D) The date interim audit work was complete.

Question

Quizplus · Accepted Answer

Subsequently discovered facts refer to knowledge obtained after the date of the auditor's report. This includes information that may have existed at the time of the audit but was not discovered until after the report was issued. The auditor has a responsibility to consider the impact of these facts on the financial statements and the report issued. Therefore, the auditor should take appropriate action to address any material misstatements or omissions in the financial statements.

The Auditing Standards Regarding Subsequently Discovered Facts Refers to Knowledge