If subsequent to the issuance of an audit report and financial statements facts comes to the auditor's attention that would have affected the audit report and financial statements had they been known at the time then the auditor can wait and update the audit report the next time that it is issued.

Question

Quizplus · Accepted Answer

If subsequent events come to the auditor's attention that could affect the financial statements, the auditor has a responsibility to update the financial statements and, if necessary, issue a revised or updated audit report. Waiting for the next audit period could be a violation of auditing standards and could result in a loss of credibility for the auditor and the financial statements.

If Subsequent to the Issuance of an Audit Report and Financial