If a material event is discovered prior to issuance of the financial statements the auditor must issue an audit report with two separate dates, one disclosing the date the regular field work ended and a separate date for disclosure of the subsequent event.

Question

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The auditor does not issue an audit report with two separate dates. Instead, the auditor may choose to dual date the audit report, which means adding a specific note to the report indicating the date of the subsequent event review without changing the original report date, or extend the audit procedures and report date to include the subsequent event.

If a Material Event Is Discovered Prior to Issuance of the Financial